IndiaFirst Life Insurance files for IPO

The public issue consists of a fresh issue of equity shares worth up to $60m

Bank of Baroda-backed IndiaFirst Life Insurance has filed a draft red herring prospectus to the Securities and Exchange Board of India to launch an initial public offering.

According to the draft prospectus, the issue includes a fresh issue of up to $60m along with an offer for sale (OFS) of up 141,299,422 equity shares by the promoters and existing shareholders of the company.

Bank of Baroda will sell 89,015,734 equity shares whilst the Union Bank of India will sell 1,30,56,415 equity shares in the OFS. Meanwhile, Carmel Point Investments India Private Limited will sell 39,227,273 equity shares.

ALSO READ: India insurance regulator proposes to allow private equity funds in insurance

The offer is being made through the Book Building Process, wherein not less than 75% of the offer shall be available for allocation to Qualified Institutional Buyers, not more than 15% of the offer shall be available for allocation to Non-Institutional Bidders and not more than 10% of the offer shall be available for allocation to Retail Individual Bidders.

The proceeds from the fresh issuance will be used towards augmentation of IndiaFirst Life’s capital base to support solvency levels.

Also Read

FWD Philippines targets gamer insurance gaps

Korean construction insurer maintains strong capital

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit