The insurance company will sell up to 12 crore equity shares through public issue.
SBI Life, which is 70 percent owned by SBI and 26 percent by BNP Paribas Cardif, will not receive any proceeds from the IPO. SBI Life was established as a joint venture between SBI, the country's largest bank, and BNP Paribas Cardiff in 2001.
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Apart from BNP Paribas, the issue of shares is being managed by Axis Capital, Citi, Deutsche Bank, ICICI Securities, JM Financial, Kotak Investment Banking and SBI Capital Markets.
Recently Insurance Regulatory and Development Authority has given an in-principle approval for the IPO of SBI's life insurance subsidiary.
SBI Life would be the second direct listing of an insurance company. So far ICICI Prudential Life Insurance (which started trading in September last year) is the only insurance company listed on exchanges. ICICI Lombard General Insurance filed DRHP with markets regulator SEBI last week for an IPO.