SBI Life IPO to open on September 20; firm may raise Rs 8,000 crore

In the process, SBI Life will offload 12 crore shares of face value Rs 10. NSEBSEState Bank Of IndiaLoading data…

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          ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESAxis CapitalEXPAND TO VIEW ALL Mumbai: State Bank of India and BNP Paribas Cardif is likely to raise over Rs 8,000 crore as they will become the second life insurance company to list on the exchanges by selling 12% stake in joint venture.

          The company is a joint venture between State Bank of India, the country’s biggest lender, and BNP Paribas Cardif. SBI owns 70.1% of the life insurer. BNP Paribas owns a 26% stake with KKR and Temasek holding the rest.

          In the process, SBI Life will offload 12 crore shares of face value Rs 10. SBI will sell up to an 8% stake in the venture and BNP Paribas Cardif another 4%, according to prospectus filed with the markets regulator.

          “The issue will open on September 20 and the company is likely to get valuation of Rs 70,000 crore,” said a source with direct knowledge of the information.

          SBI Life Insurance got Sebi’s approval for an initial public offering. The company is expected to be valued at Rs 70,000 crore, said industry experts.

          Citi, Deutsche Bank, Axis Capital, BNP Paribas, JM Financial, ICICI Securities, Kotak Investment Banking and SBI Capital Markets are the book running lead managers to the issue.

          SBI Life has seen robust growth in premium income during the past financial year. The company had a market share of 17.3% among private-sector insurers and 5.1% in the overall space in fiscal 2015-16.

          The company has a share capital of Rs 1,000 crore. The company has seen its net worth increase to Rs 5,552 crore from Rs 4,733 crore in the last fiscal year. Solvency ratio was 2.04 as against the regulatory mandate of 1.5. It had the lowest operating expense in the industry at 7.8%, down from 9.2% the previous year.

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