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The initial public offering (IPO) of the SBI Life Insurance Co Ltd's to raise Rs 8,400 crore ($1.3 billion) will be allotted today. The issue was oversubscribed 3.58 times on the final day of bidding on September 22.
The IPO by SBI Life is one of the biggest IPOs in seven years. As per a report by Thomson Reuters, the companies have raised $4.4 billion from IPO sales since the beginning of the year 2017, surpassing last year's $4 billion fund-raising.
The company is the second life insurance company after the ICICI Prudential Life Insurance Co. Ltd to list on the exchanges. The SBI Life IPO saw bids for about 29.5 million shares, or 3.56 times the 8.8 million shares on offer, as per the latest data from stock exchanges.
Anchor investors like Canada Pension Plan Investment Board and Singapore based GIC have already committed to subscribe to 22.26 billion rupees worth of shares.
The two main shareholders of SBI Life - State Bank of India and BNP Paribas Cardif - are selling 8% and 4% stake, respectively.
There are more insurance IPOs in the pipeline. Insurance companies such as - HDFC Standard Life Insurance Co Ltd, state-run GIC Re, and New India Assurance Co Ltd - have also filed for IPOs, with an expectation to raise a combined more than $4 billion fund.
With so many IPOs in the pipeline, some market experts believe that IPO sale this year to exceed $8.5 billion of 2010.
