SBI Life Insurance Co Ltd will launch an initial public offering next week to raise as much as $1.3 billion, sources with direct knowledge told Reuters, in what will be the country's first billion-dollar IPO in nearly seven years.
SBI Life, a subsidiary of top Indian lender State Bank of India, will open the IPO sale to the public on September 20 and close it on September 22, according to a filing. Two sources said the shares will be sold in a price range of 685 rupees to 700 rupees apiece.
SBI Life's IPO is the biggest since state-run Coal India's 155 billion rupee ($2.4 billion) IPO in 2010 and market participants expect 2017 to be a record-setting year for India, with fund-raising from IPOs exceeding 2010's $8.5 billion.
The country has already seen more than $3 billion in IPOs this year, according to Thomson Reuters data, and has a number of upcoming listings from insurers, which should take it well past the $4 billion raised from IPOs last year.
ICICI Lombard General Insurance Co Ltd's IPO to raise up to $890 million opens on Friday, while state-run reinsurer General Insurance Corp of India (GIC Re) and non-life insurer New India Assurance Co Ltd have also filed for IPOs that bankers estimate could raise a total of more than $3 billion.