Home/ Markets / Ipo/  BoB-backed IndiaFirst Life Insurance gets Sebi approval for IPO

IndiaFirst Life Insurance has received an approval from capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).

Last year in October, the Bank of Baroda-backed company had filed its draft red herring prospectus (DRHP) with Sebi to launch its IPO.

According to the DRHP, the public issue consists of a fresh issue of equity shares worth up to 500 crore and an offer-for-sale (OFS) of up to 141,299,422 equity shares by the promoter and other selling shareholders.

BoB will offload around 89,015,734 equity shares, while Carmel Point Investments will tender 39,227,273 equity shares and 13,056,415 equity shares will be offloaded by Union Bank of India.

BoB, the country’s third largest PSU bank holds a 65 per cent stake in the firm followed by Warburg Pincus affiliate Carmel Point Investments India which holds 26 per cent and Union Bank of India which holds a 9 per cent stake.

After Life Insurance Corporation of India (LIC) and Go Digit, IndiaFirst Life became the third insurance player to file its draft papers with Sebi on 21 October last year to float an IPO.

ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets (India), Jefferies India and JM Financial are the book-running lead managers and KFin Technologies is the registrar to the offer.

Bank of Baroda promoted IndiaFirst Life Insurance Company is a private life insurance player. The Mumbai-based company is among the fastest-growing private life insurers in terms of new business IRP in Fiscal 2022.

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Updated: 21 Mar 2023, 07:09 PM IST
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