SBI Life debut on stock marketOctober 3 2017 by InsuranceAsia News Staff
SBI Life, India’s largest private life insurer in terms of new business premium, is set to make its stock market debut today with experts saying that it will open at a premium.
Analysts said SBI Life’s stock could most likely open at a premium of Rs20-Rs30 (US$0.30-US$0.46).
The issue price is fixed at Rs700 per share.
SBI Life Insurance’s IPO raise Rs84 billion, India’s biggest IPO in seven years, was oversubscribed 3.58 times, strengthening the outlook for share sales in what is expected to be a record year.
Anchor investors contributed Rs22.26 billion to the deal.
SBI Life takes 20% market share in new business premium in India, followed by HDFC Life and ICICI Prudential, which held 17.2% and 15.5% shares respectively in 2017.
- August 13
It has reportedly started the process of selling up to 4% of SBI General Insurance.
- August 3
Hong Kong billionaire Richard Li is reportedly weighing the possibility of listing away from home.
- August 1
The group is reportedly considering an offering in the Lion City as an alternative to listing in Hong Kong.
- August 1
The issue will involve a sale of shares by Punjab National Bank, MetLife and other institutional shareholders.