Moneycontrol News
On September 20, the capital market will see India’s first billion-dollar initial public offering (IPO) since 2010. SBI Life Insurance, a subsidiary of the country’s largest lender SBI, will hit the market on to raise up to Rs 8,400 crore.
The initial share sale offer will open on September 20 and close on September 22, SBI said in a regulatory filing to the stock exchanges last week.
The IPO, which has a price band of Rs 685 to Rs 700 per share, is expected to be the largest in the insurance space as on Tuesday.
The insurer is a joint venture between State Bank of India (SBI) and BNP Cardif which will dilute 8 percent and 4 percent, respectively.
HDFC Securities in a report said that the insurer’s profit after tax increased at a CAGR of 8.24 percent from Rs 8,148.67 million in FY15 to Rs 9,546.53 million in FY17 and…