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SBI Life to launch India's first billion dollar IPO since CIL in 2010

The IPO will raise as much as Rs 8400 crore for SBI Life's two main shareholders - State Bank of India and BNP Paribas Cardif - which are paring their stakes

Reuters  |  Mumbai 

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. The IPO will raise as much as 84 billion rupees ($1.3 billion) for SBI Life's two ...

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First Published: Wed, September 13 2017. 08:18 IST
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