New Delhi: HDFC Standard Life Insurance Co., a subsidiary of mortgage lender Housing Development Finance Corp. Ltd (HDFC), said Wednesday its initial public offer (IPO) will hit the market on 7 November.

The HDFC Standard Life IPO comprises sale of 191,246,050 equity shares, amounting to 9.55% stake, by HDFC Ltd and up to 108,581,768 scrips, or 5.42% stake, holding of Standard Life Mauritius, according to a regulatory filing on stock exchanges.

“We further wish to inform you that the IPO will be open for subscription by anchor investors on 6 November and by the public on 7 November and shall close on 9 November. The price band for the same will be intimated in due course," it said.

According to people close to the development, HDFC Standard Life’s promoters are expected to get about Rs7,500 crore from the stake dilution. At present, HDFC owns 61.41% stake in HDFC Standard Life and Standard Life has about 34.86% stake, while the remaining is with employees and PremjiInvest. The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges.