Bank of Baroda backed company is bringing IPO, documents submitted with SEBI

IndiaFirst Life Insurance IPO: IndiaFirst Life Insurance Company, a company backed by the country’s largest Bank of Baroda, is going to bring its IPO. This company has submitted documents to the market regulator SEBI for this. The size of the IPO could be between Rs 2,000 crore and Rs 2,500 crore.

This is fresh equity share
According to the Red Herring Prospectus (DRHP), fresh equity shares of up to Rs 500 crore will be issued under this IPO. In addition, 141,299,422 equity shares will be sold under offer-for-sale (OFS) by the promoter and selling shareholders.

Increase capital base
Sale of Equity Shares In the offer-for-sale, Bank of Baroda will sell 89,015,734 shares, Carmel Point Investments India will sell 39,227,273 shares and Union Bank of India will sell 13,056,415 shares. India’s third largest PSU bank, BOB holds 65 per cent stake in the company. It is followed by Warburg Pincus-affiliated Carmel Point Investments India with 26 per cent stake and Union Bank of India holding 9 per cent. 500 crore in the fund proceeds from the issue will be used to enhance its capital base to support the solvency levels.

This company works
Explain that the net premium earned by the Mumbai-headquartered insurance company for the financial year 2022 increased by 27.80 percent to Rs 4,985.21 crore from Rs 3,900.94 crore in the financial year 2021. The embedded value of the firm increased from Rs 1681.20 crore in FY21 to Rs 1,865.01 crore in FY22 at a CAGR of 11 per cent in FY21.

Till June this year, it had 1,634 individual agents and 21 corporate agents. ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets Limited, HSBC Securities and Capital Markets (India) Private Limited, Jefferies India and JM Financial are the book running lead managers of the issue. Equity shares are proposed to be listed on BSE and NSE.

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