SBI Life Insurance IPO to hit Dalal Street in 2017
DSIJ Intelligence / 02 Dec 2016
SBI Life Insurance is planning an initial public offering (IPO) in 2017, as per the company’s management. State Bank of India (SBI) may offload up to 5 per cent stake in SBI Life Insurance to a non-promoter group.
SBI Life Insurance is planning an initial public offering (IPO) in 2017, as per the company’s management. State Bank of India (SBI) may offload up to 5 per cent stake in SBI Life Insurance to a non-promoter group. This might be construed as a test to see the market response.
SBI, which holds 74 per cent in SBI Life Insurance, has also offered to offload 10 per cent to the other partner Cardiff at a right price.
On the financial front, SBI Life Insurance’s new premium income increased 50 per cent in H1FY17, as compared to the same period in the previous financial year. The company’s renewal premium income also rose 30 per cent in H1FY17 on a yearly basis. It is also expecting about 40 per cent growth in total premium income for FY17.
Earlier, ICICI Prudential Life Insurance came up with an IPO with a price band of Rs 300-334. The shares of the company listed at discount of 1.5 per cent at Rs 329 on September 29. The share price of ICICI Prudential Life Insurance declined 1.46 per cent on bourses and is trading at Rs 299.55 on intra-day basis.
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