Jobaaj Stories
Bank of Baroda-backed IndiaFirst Life Insurance has received the consent of the capital markets regulator to float its IPO after only 4.5 months of filing!
One of India's newest life insurance providers is the Mumbai-based insurance firm. It started operating in 2009 and provides a variety of plans, including term plans, investment plans, savings plans, micro life insurance plans, kid plans, etc.
The company's total premiums collected in FY22 were Rs 5,187 crores, while its assets under management were roughly Rs 18,932 crores.
Bank of Baroda (65%), Union Bank of India (9%) and Carmel Point Investments (26%), a Warburg Pincus affiliate, are the three shareholders in the company. Its 5-year CAGR of 27% was nearly 2.6 times more than the average for the sector!
As per the draft papers, the company plans to raise funds to the tune of Rs 500 crores while offloading 141.2 million shares. It even plans to raise funds to augment its capital base for higher solvency and pay for the public offer expenses.
Moreover, the bank is also in discussion with its bankers and could do a private placement, rights issue or the like to the extent of Rs 100 crores, causing the reduction of the public issue.
The issue's book-running lead managers are ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets, Jefferies India, and JM Financial. The offer's registrar is KFin Technologies.
The IPO approval of SEBI remains valid for 12 months, meaning the firms can launch their IPO anytime within the 12 months starting from the issuance of the consent of SEBI.
The business must resubmit the documents for approval if the deadline has passed.
- Aman Agarwal
