SBI's Life to raise ₹8400 cr. via IPO opening on September 20

SBI Life to launch India's first billion dollar IPO in seven years

SBI Life to launch India's first billion dollar IPO in seven years

As of 30 June, it had a portfolio of 37 individual and group products, including a range of protection and savings products to address the insurance needs of diverse customer segments. At the upper end of this price band, the initial share sale values the firm at Rs70,000 crore. SBI sold 3.9% stake in the company to private equity investors in December 2016 for ₹1,800 crore.

"Minority stake sale to KKR and Temasek was a private deal, whose liquidity is low". "Yes, we have taken 23 years to come back to the market again", said Arundhati Bhattacharya, chairman, SBI, while announcing the IPO. Together with its partner BNP Paribas, SBI has invested Rs 1,000 crore in the company since its launch in 2002.

The company is a joint venture between State Bank of India, the country's biggest lender, and BNP Paribas Cardif. SBI and BNP Paribas will end up with 62.1% and 22% stake respectively in the firm after the IPO. Ltd, Deutsche Equities India Pvt.

SBI Life Insurance got Sebi's approval for an initial public offering. The IPO will be open for subscription for three days starting next Wednesday, SBI said in a statement on Tuesday.

SBI Life Insurance will be the second life insurer to go public.

SBI Life Insurance will list on the exchanges on October 3, she said. ICICI Lombard, a unit of ICICI Bank, is set to open its 57 billion-rupee IPO for subscription this week.

In the fiscal year ended in March, SBI Life earned a net premium of 208.52 billion rupees, a 33% jump over the previous year, the company said in a regulatory filing.

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