Canara HSBC Life Insurance Co. has kicked off investor roadshows ahead of its initial public offering planned for the first half of October, according to people familiar with the matter.
The insurer, owned by Canara Bank, Punjab National Bank, and the local insurance unit of HSBC Group, is seeking to raise as much as $300 million, the people said, asking not to be identified as the information is private.
Deliberations are still ongoing, and details including the IPO size and timing could change, the people said. Canara HSBC Life didn’t respond to email requests for comment.
The company filed a draft prospectus with India’s markets regulator in April and received approval this month. In that April statement, Canara HSBC Life said it aims to sell as many as 237.5 million shares, with Canara Bank accounting for the bulk of the sales at 137.8 million shares. HSBC Insurance and Punjab National Bank intend to offload 4.7 million and 95 million shares, respectively.
The deal is being arranged by the local units of HSBC Holdings Plc and BNP Paribas SA, alongside SBI Capital Markets Ltd., JM Financial Ltd. and Motilal Oswal Investment Advisors Ltd.
Canara HSBC Life posted a profit of 849 million rupee ($9.6 million) in the nine months ended Dec. 31, according to its filing.
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