Canara HSBC Life Insurance's Highly Anticipated IPO Launch
Canara HSBC Life Insurance unveils its IPO, setting its share price between Rs 100 to Rs 106. The offer, slated from October 10-14, aims at a Rs 10,000 crore valuation with a complete Offer for Sale by shareholders. The IPO reserves shares for institutional, retail, and non-institutional investors.
- Country:
- India
Canara HSBC Life Insurance Company Ltd is gearing up for a significant market debut with its initial public offering (IPO), setting a price between Rs 100 and Rs 106 per share. The offering eyes a valuation near Rs 10,000 crore at its higher end.
The insurer's Rs 2,516-crore IPO will open for subscriptions from October 10 to October 14, starting with anchor investors on October 9. A joint venture led by Canara Bank, holding a 51% stake, and HSBC Insurance (Asia Pacific) Holdings with 26%, the firm plans to divest 23.75 crore equity shares.
The Offer for Sale includes Canara Bank's 13.77 crore shares, HSBC's 47.5 lakh shares, and Punjab National Bank's 9.5 crore shares. With no fresh issue of shares, proceeds will be directed to selling shareholders. The company's stock market debut is anticipated on October 17.
(With inputs from agencies.)
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