SBI Life's Rs 8,400 crore-IPO starts today; raises Rs 2,226 crore from anchor investors

Mumbai: SBI Life Insurance Company, whose Rs 8,400 crore hit the market on Wednesday has already raised Rs 2,226 crore from anchor investors as its initial share sale.

Being touted as one of the largest IPOs in recent times, the price band for the offer as decided by SBI Life and the selling shareholders has pegged in the range of Rs 685 to Rs 700 per share.

SBI Life is a joint venture between India's largest lender SBI and BNP Paribas Cardif (BNPPC). BlackRock, Canada Pension Fund, Government of Singapore, Abu Dhabi Investment Authority, HSBC, HDFC MF, ICICI Prudential MF, Kotak MF, Reliance MF, Axis MF and UTI MF are among the 69 anchor investors who raised Rs 2,226 crore on Wednesday.

Here are some facts about the IPO:

1. The IPO will remain open for three days and will see promoters offloading up to 12 crore shares of face value of Rs. 10 each through the offer of sale route, the filing said.

2. The upper limit of the public issue is Rs 8,400 crore. The price band is fixed between Rs 685 to Rs 700 per share.

3. SBI will be seen offloading up to 8 crore shares while BNP Paribas Cardif SA will offload up to 4 crore.

4. SBI holds 70.10 per cent in SBI Life and BNPPC 26 per cent.

5. According to a NDTV report, SBI Life Insurance is the largest private life insurer in India in terms of new business premium.

With inputs from PTI