BoB-backed IndiaFirst Life Insurance gets Sebi approval for IPO


The Securities and Exchange Board of India (Sebi), a capital markets regulator, has given IndiaFirst Life Insurance permission to raise money through an IPO (IPO).

The Bank of Baroda-backed company submitted its draught red herring prospectus (DRHP) to Sebi in October of the previous year in preparation for its IPO.

The offer-for-sale (OFS) of up to 141,299,422 equity shares by the promoter and other selling shareholders will be combined with a fresh issue of equity shares worth up to 500 crore, according to the DRHP.

BoB will sell about 89,015,734 equity shares, Carmel Point Investments will offer 39,227,273 equity shares, and United Bank of India will sell 13,056,415 equity shares.

BoB, the third-largest PSU bank in the nation, owns 65% of the company, followed by Warburg Pincus affiliate Carmel Point Investments India with 26% of the shares and Union Bank of India with 9%.

IndiaFirst Life filed its draught papers with Sebi on October 21, 2017, to float an IPO, becoming the third insurance player to do so after Go Digit and Life Insurance Corporation of India (LIC).

The book-running lead managers for the offer include ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets (India), Jefferies India, and JM Financial. KFin Technologies is the offer’s registrar.