Health Care

Price band of Rs 685-700 fixed for SBI Life IPO

Price band of Rs 685-700 fixed for SBI Life IPO”

The share sale will launch on 20 September. The issue closes on September 22. 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. BNP Paribas Cardif is selling up to a 4 percent stake, or 40 million shares, in the insurer. The IPO price range values the insurer at about $11 billion, versus the $7 billion valuation at which SBI sold a almost 4% stake to KKR and Temasek in December.

That will be followed by two other big insurer listings - state-run reinsurer General Insurance Corp of India (GIC Re) and non-life insurer New India Assurance Co, estimated to raise a total of more than $3 billion. "Yes, we have taken 23 years to come back to the market again", said Arundhati Bhattacharya, chairman, SBI, while announcing the IPO. BNP has 26% stake in the company now. Ltd, Deutsche Equities India Pvt. "This augurs well for the capital markets".

State Bank of India (SBI) has fixed a price band of Rs 685-700 per share for forthcoming initial public offering (IPO) of its subsidiary SBI Life. SBI sold 3.9% stake in the company to private equity investors in December 2016 for ₹1,800 crore. Last year, ICICI Prudential Life Insurance Co.

SBI Life will become the second life insurer to go public after the listing of ICICI Prudential Life Insurance past year. ICICI Bank sold a 12.63% stake through the IPO, which valued the life insurer at about Rs48,000 crore, Mint reported.



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