IndiaFirst Life Insurance IPO Receives Approval from SEBI; Bank of Baroda, Union Bank, Carmel Point divest stake in OFS

Life insurance giant IndiaFirst Life Insurance Company has received final approval from the Securities and Exchange Board of India (Sebi) to conduct an IPO to raise capital. The offering will include a new issue of shares worth Rs 500 crore and an Offer for Sale (OFS) of up to 14.1 crore of shares from promoters and stakeholders. The insurance company is owned by two of India’s largest PSU banks, Bank of Baroda and Union Bank of India. In addition, Carmel Point Investments India, owned by private equity funds managed by Warburg Pincus, acquired a stake in the life insurance company.

In the OFS component of the IPO, Bank of Baroda will offer approximately 8.9 million shares, while Carmel Point Investments India Private Limited will offer 3.9 million shares and 1.3 million shares will be sold by Union Bank of India. In addition, the Company may consider a private placement, preferential allotment, rights issue or other methods which would total up to Rs 100 crore. Based on the success of these media, the scope of the fresh edition would be reduced or revised.

ICICI Securities Limited, Ambit Private Limited, BNP Paribas, BOB Capital Markets Limited, HSBC Securities and Capital Markets (India) Private Limited, Jefferies India Private Limited and JM Financial Limited are the book managers and KFin Technologies Limited is the registrar of the offerings. The shares are to be listed on the BSE and NSE.