SBI Life files prospectus for IPO

SBI Life seeks capital markets regulator's nod for IPO: Report

SBI Life seeks capital markets regulator's nod for IPO: Report

SBI Life Insurance Company Ltd has filed for an IPO.

The IPO will comprise an offer for sale by State Bank of India and BNP Paribas Cardif S.A. of up to 8 crore shares and up to 4 crore shares respectively. An IPO is the first time a private company offers its shares to the public.

SBI Life Insurance, could become the second life insurer to get listed on stock exchanges after ICICI Prudential Life.

SBI Life Insurance is a joint venture between State Bank of India (SBI) with 74% stake and BNP Paribas Cardif with the remaining 26%.

Recently Insurance Regulatory and Development Authority has given an in-principle approval for the IPO of SBI's life insurance subsidiary.

"SBI Life is being valued at Rs 46,000 crore making it the most valuable company in the segment". ICICI Prudential Life Insurance started trading in September 2016 which is the only insurance company listed on the bourses.

Axis Capital, BNP Paribas, Citi, Deutsche Bank, ICICI Securities, JM Financial, Kotak Investment Banking and SBI Capital Markets will managing the issue for SBI Life Insurance, the Mint added.