HDFC Standard Life Insurance will shortly become the third life insurer after ICICI Prudential Life Insurance Company and SBI Life Insurance Company to get listed on the bourses.
The company’s IPO is an offer for sale (OFS), consisting of 191,246,050 equity shares by HDFC and up to 108,581,768 equity shares by Standard Life Mauritius.
Post-IPO, HDFC’s shareholding in the life insurer will come down by 9.55 percentage points to 51.86 per cent and that of Standard Life will decline by 5.42 percentage points to 29.44 per cent.
The price band of the IPO, which opens on November 7 and closes on November 9, has been fixed from ₹275 to ₹290 per equity share. The proceeds (aggregating up to about ₹8,700 crore) of the OFS will accrue to the two promoters.
