SBI Life files prospectus for IPO

The State Bank of India headquarters in Mumbai

The State Bank of India headquarters in Mumbai

Only ICICI Prudential Life Insurance is listed on the stock exchanges now.

SBI Life Insurance Co Ltd, a unit of the State Bank of India, on Monday filed for an Initial Public Offering of shares, reported Reuters.

Last year, SBI Life had sold 3.9 percent stake to private equity firms Singapore's Tamasek Holdings and KKR & Co for Rs 1,800 crore, ahead of the planned IPO.

SBI will sell up to 8% or 80 million shares of its 70% stake in SBI Life, while BNP Paribas Cardiff will sell up to 4% or 40 million shares of its 26% stake in the unit. The company is now looking forward to a public listing and the stake sale is a good benchmark. "Depending on the market conditions, SBI Life Insurance will consider an IPO in 2017-18", Arijit Basu, MD and CEO of SBI Life, had said. ICICI Prudential Life Insurance started trading in September 2016 which is the only insurance company listed on the bourses.

Among the book running lead managers for the IPO are JM Financial, Axis Capital, BNP Paribas, Citi Group and Deutsche Equities India.

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