SBI Life's USD 1.3 billion (Rs 8400 crore ) initial public offering (IPO) is set to open on Wednesday.The issue, with a price band of Rs 685 to Rs 700 per share for its Rs 8400 crore issue, is expected to be the largest in the insurance space. The IPO closes on September 22.This IPO includes an initial public offer of up to 120 million equity shares of face value of Rs 10 each through an offer for sale by State Bank of India and BNP Paribas Cardif where each will be selling up to 80 million equity shares and up to 40 million equity shares, respectively.
The book-running lead managers to the offer are JM Financial Institutional Securities Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited.In FY17, SBI Life's embedded value was Rs 16,537.9 crore as of March 31, 2017. Their value of new business was Rs 1037 crore while annualised premium equivalent stood at Rs 6727 crore for FY17.
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