Bank of Baroda-Backed IndiaFirst Life Insurance Files DRHP With Sebi For IPO

IndiaFirst will issue fresh shares worth up to Rs 500 crore and an OFS of up to 14.12 crore shares by promoter and shareholders.

<div class="paragraphs"><p>Representative image. (Photo by <a href=";utm_medium=referral&amp;utm_content=creditCopyText">Scott Graham</a> on <a href=";utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>)</p></div>
Representative image. (Photo by Scott Graham on Unsplash)

IndiaFirst Life Insurance Co., promoted by Bank of Baroda Ltd., has filed draft red herring prospectus with the market regulator Securities and Exchange Board of India to raise funds via initial public offering.

The Mumbai-headquartered private life insurer will issue fresh equity shares worth up to Rs 500 crore and also an offer for sale of up to 14.12 crore shares by promoter and selling shareholders, it said in a statement.

Bank of Baroda will offer up to 8.90 crore equity shares, while the selling shareholders, Carmel Point Investments India Private Ltd. will offer up to 3.92 crore equity shares and up to 1.30 crore equity shares will be put on sale by Union Bank of India.

Bank of Baroda holds a 65% stake in the company, followed by Warburg Pincus affiliate Carmel Point Investments India Pvt. Ltd., which holds 26%. Union Bank of India holds a 9% stake in the company, the release said.

The company added that the proceeds from the fresh issuance will be directed towards augmentation of its capital base to support solvency levels.

ICICI Securities Ltd., Ambit Private Ltd., BNP Paribas, BOB Capital Markets Ltd., HSBC Securities and Capital Markets (India) Private Ltd., Jefferies India Private Ltd. and JM Financial Ltd. are the book running lead managers. KFin Technologies Ltd. is the registrar to the offer. 

The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange, the company said.