Mumbai: SBI’s Life Insurance is all set to hit the market with its initial share offer on September 20 to raise up to Rs 8,400 crore.
Being touted as one of the largest IPOs in recent times, the price band for the offer as decided by SBI Life and the selling shareholders hws pegged between Rs 685 to Rs 700 per share.
"The listing of equity shares will enhance the 'SBI Life' brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for equity shares in India," the company had said in a stock exchange filing.
SBI Life is the second insurer to go public after ICICI Prudential Life Insurance stint last year. Here are some facts about this IPO:
1. The IPO will remain open for three days and will see promoters offloading up to 12 crore shares of face value of Rs. 10 each through the offer of sale route, the filing said.
2. The upper limit of the public issue is Rs 8,400 crore. The price band is fixed between Rs 685 to Rs 700 per share.
3. Since SBI Life is a joint venture between India's largest lender SBI and BNP Paribas Cardif (BNPPC), the IPO will see SBI offloading up to 8 crore shares while BNP Paribas Cardif SA will offload up to 4 crore.
4. SBI holds 70.10 per cent in SBI Life and BNPPC 26 per cent.
5. According to NDTV, SBI is also offering an employee discount of Rs 68.