Key Points of IndiaFirst Life Insurance SEBI Approval for IPO:
- IndiaFirst Life Insurance has received approval from SEBI to raise funds through an IPO.
- The public issue will include fresh equity shares worth up to ₹500 crore and an offer-for-sale of up to 141,299,422 equity shares by the promoter and other selling shareholders.
- The promoter and other selling shareholders include Bank of Baroda, Carmel Point Investments, and Union Bank of India.
- The book-running lead managers for the IPO are ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets (India), Jefferies India, and JM Financial, and KFin Technologies is the registrar to the offer.
- IndiaFirst Life Insurance is one of the fastest-growing private life insurers in India, specializing in insured retirement plans and the third insurance player to file its draft papers with SEBI to float an IPO, after LIC and Go Digit.
Details of IndiaFirst Life Insurance SEBI Approval for IPO:
IndiaFirst Life Insurance gets SEBI Approval for IPO; plans to raise up to ₹500 crore
IndiaFirst Life Insurance, a private life insurance company backed by Bank of Baroda, has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). Here are the key points to note:
Fresh equity shares worth up to ₹500 crore will be issued in the public issue, along with an offer-for-sale of up to 141,299,422 equity shares by the promoter and other selling shareholders.
Bank of Baroda will sell around 89,015,734 equity shares, Carmel Point Investments will tender 39,227,273 equity shares, and Union Bank of India will offload 13,056,415 equity shares.
ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets (India), Jefferies India and JM Financial are the book-running lead managers, and KFin Technologies is the registrar to the offer.
IndiaFirst Life Insurance is the third insurance player to file its draft papers with SEBI to float an IPO, after Life Insurance Corporation of India (LIC) and Go Digit.
IndiaFirst Life Insurance, based in Mumbai, is one of the fastest-growing private life insurers in terms of new business and specializes in insured retirement plans.
About IndiaFirst:
Headquartered in Mumbai, IndiaFirst Life Insurance is a joint venture of India’s public sector banks, with a paid-up share capital of ₹ 663 crore. The company was incorporated in November 2009.
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