SBI Life Insurance Co. Ltd on Wednesday said it would launch its Rs8,400 crore initial public offering (IPO) on 20 September. The share sale will close on 22 September.
Founded in 2001, SBI Life Insurance is a joint venture between India’s largest lender State Bank of India and BNP Paribas Cardif. 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.
The insurer has priced its shares in a range of Rs685-700 per share. At the upper end of this price band, the initial share sale values the firm at Rs70,000 crore. This is significantly higher than its Rs46,000 crore valuation in December, when the insurer sold a 3.9% stake to investors KKR and Co. Lp and Temasek Holdings Pte Ltd for around Rs1,794 crore.
