SBI Life to launch India’s first billion-dollar IPO in seven years
SBI Life Insurance Co will launch next week what will be India's first billion-dollar initial public offering since 2010, paving the way for a record-setting year for IPOs in the country. SBI Life, a unit of top Indian lender State Bank of India (SBI), will open the share sale to the public on Sept. 20 and close it on Sept. 22, according to a filing. The shares, that will begin trading Oct. 3 will be sold in a price range of 685-700 rupees apiece, raising as much as 84 billion rupees ($1.3 billion) for SBI Life's main shareholders - SBI and BNP Paribas Cardif - which are paring their stakes. Strong stock markets have fuelled a surge in equity deals in Asia's third-largest economy, with IPO proceeds so far this year crossing $3 billion. While last year's $4 billion fund-raising from IPOs is set to be surpassed, some expect proceeds to even top the record $8.5 billion raked in seven years ago. High inflows including from retail investors into equity markets are driving sectors that historically never listed in India to explore IPOs, said Arun Kejriwal, founder of Kejriwal Research & Investment Services.