The ₹2,517-crore IPO of Canara HSBC Life Insurance Company will open for subscription on October 10 and close on October 14. The anchor portion will open on October 9.
The IPO has a price band of ₹100-106 per share.
Canara HSBC Life Insurance is a joint venture promoted by Canara Bank, which holds a 51 per cent stake, and HSBC Insurance (Asia Pacific) Holdings, part of the HSBC Group, which owns 26 per cent.
Entire OFS
The IPO is entirely an offer for sale (OFS) of 23.75 crore equity shares by the promoters and an investor. Under the OFS, Canara Bank will sell 13.77 crore shares, HSBC Insurance (Asia-Pacific) Holdings will offload 47.5 lakh shares, and Punjab National Bank will divest 9.5 crore shares.
The company will not receive any funds from the issue and the proceeds will go to the selling shareholders.
Regarding the issue allocation, 50 per cent of the IPO is reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and 15 per cent for non-institutional investors.
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SBI Capital Markets, BNP Paribas, HSBC Securities and Capital Markets (India), JM Financial, Motilal Oswal Investment Advisors and KFin Technologies are the book-running lead managers, according to the regulatory filing.
Shares are expected to list on the stock exchanges on October 17.
Meanwhile, Canara Robeco Asset Management IPO will run from October 9 to 13.