Bank of Baroda-promoted IndiaFirst Life Insurance files DRHP with Sebi to launch IPO
Private sector life insurer IndiaFirst Life Insurance has filed its draft red herring prospectus (DRHP) with capital market regulator Sebi to launch an initial public offering (IPO).
The IPO of the Bank of Baroda-promoted insurance company will consist of a fresh issue of up to Rs 500 crore and an offer for sale (OPS) of up to 141.29 million equity shares by the promoters and existing shareholders.
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At present, BoB, Carmel Point Investments and Union Bank of India have 65%, 26% and 9% stakes in the Mumbai-headquartered insurance company.
The insurance company proposes to utilise the net proceeds from the fresh issue towards augmentation of its capital base to support solvency levels. “Further, the proceeds from the fresh issue will also be used towards meeting the expenses in relation to the offer. In addition, our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including enhancement of our company’s brand name and creation of a public market for our equity shares in India,” IndiaFirst Life Insurance said.
The company posted a net loss of Rs 281.62 crore in FY22, while it registered a net profit of Rs 30.19 crore in FY21.
ICICI Securities, Ambit Private Limited, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets (India), Jefferies India and JM Financial are the book running lead managers.
