IndiaFirst Life Insurance Company has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14,12,99,422 equity shares by the promoters and existing shareholders of the company.
The company, which filed the draft red herring prospectus with the SEBI in October 2022, got the regulator’s approval on March 15, 2023. The net proceeds from the fresh issuance worth Rs 500 crore will be used towards augmentation of its capital base to support solvency levels.
ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets (India), Jefferies India and JM Financial are the book-running lead managers to the issue. The equity shares will be listed on the BSE and NSE.
IndiaFirst Life Insurance Company (IndiaFirst Life) is one of the fastest growing private life insurers in India. IndiaFirst Life is supported by an extensive bancassurance network provided by Bank of Baroda and Union Bank, two of India's biggest public sector banks.
