IPO Alert: SBI Life Insurance files draft for IPO

The State Bank of India headquarters in Mumbai

The State Bank of India headquarters in Mumbai

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.

Once it lists on the bourses, it would be the second direct listing of an insurance company after ICICI Prudential Life Insurance.

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.

The IPO would comprise an offer for sale, by SBI and BNP Paribas Cardif S. SBI Life was established as a joint venture between SBI, the country's largest bank, and BNP Paribas Cardiff in 2001.

The book running lead managers to the issue are Citi, Deutsche Bank, Axis Capital, BNP Paribas, JM Financial, ICICI Securities, Kotak Investment Banking and SBI Capital Markets.

Recently Insurance Regulatory and Development Authority has given an in-principle approval for the IPO of SBI's life insurance subsidiary. ICICI Lombard General Insurance filed DRHP with markets regulator SEBI last week for an IPO.

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