SBI Life Insurance Co. Ltd, a unit of State Bank of India, on Monday filed for an initial public offering (IPO) of shares that bankers have said could raise more than $1 billion.
SBI, the nation’s top bank by assets, is selling up to 8% stake, or 80 million shares, in the unit as part of the IPO, while BNP Paribas Cardif is selling up to 4% stake, or 40 million shares, according to a regulatory filing.
The filing did not mention how much the IPO would raise, although bankers have previously said it would likely raise more than $1 billion.
SBI Life, which is 70% owned by SBI and 26% by BNP Paribas Cardif, will not receive any proceeds from the IPO.
Axis Capital, BNP Paribas, Citi, Deutsche Bank, ICICI Securities, JM Financial, Kotak Investment Banking and SBI Capital Markets are managing the issue.
SBI Life will be the second life insurer to go public. ICICI Prudential Life Insurance Co. Ltd listed on the stock exchanges last year after a more than $900 million IPO.
Last week, ICICI Lombard General Insurance Co. Ltd filed for an IPO in what is the first initial share sale by a non-life insurance company in India.