Wednesday, July 12, 2017

SBI Life IPO Coming Soon; Got Approval from SBI Central Board

After ICICI Prudential Life Insurance company's IPO, SBI Life to become another insurance company to hit the market. As SBI Life get the approval from SBI central board we can expect the IPO to hit the market soon.

Last week SBI Life got approval from Insurance Regulatory and Development Authority of India (IRDAI) for Rs.7500 crore IPO. Still the DRHP is not submitted and it will be done soon to get approval from SEBI as well.

"The executive committee of the central board of the bank at a meeting held today, accorded the final approval for divestment of SBI's stake in SBI Life through an IPO," SBI said in an exchange filing.

SBI Life hired BNP Paribas, Citi, Kotak Investment Bank and Axis Capital for initial share sale.  Last year ICICI Prudential Life Insurance ipo luanched in September and now a year later SBI Life will another issuer which will be listed soon.