HDFC Standard Life IPO to open on November 7

HDFC Standard Life Insurance Company’s Rs 8,700-crore Initial Public Offer (IPO) will remain open between November 7 and November 9. The company has set the price band at Rs 275 to Rs 290 per share.

The private sector insurer is a joint venture between domestic mortgage lender HDFC and UK-based Standard Life. Currently, HDFC owns 61.12 per cent and Standard Life 34.75 per cent of the insurer, while minority shareholders, including PremjiInvest, hold the remaining. In the IPO, HDFC will be selling shares worth Rs 5,550 crore and Standard Life will shares worth Rs 3,150 crore. 

Following the IPO, HDFC’s stake will come down to 51.69 per cent and Standard Life’s shareholding will reduce to 29.35 per cent. 

At the top end of the price band, HDFC Standard Life will be valued at around Rs 58,100 crore.