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HDFC Standard Life IPO Opens Today

The IPO will translate into promoters diluting its 14.92 percent stake in HDFC Standard Life Insurance

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One of the largest private sector life insurance company HDFC Standard Life Insurance is all set to open its Rs 8,700-crore initial public offering (IPO) on Tuesday.

This will translate into promoters diluting its 14.92 percent stake in HDFC Standard Life Insurance.

The HDFC Life IPO is an offer for sale (OFS), consisting of 191,246,050 equity shares by HDFC Life and up to 108,581,768 equity shares by UK-based Standard Life. The price band has been set at Rs 275-290.  

HDFC at present owns 61.21 percent stake in the joint venture which will  to 51.69 percent, while 34.75 percent shares held by Standard Life will come down to 29.35 percent post issue.

The IPO will open on November 7 and close on November 9.The funds raised will help HDFC in its business purposes.

The global coordinators and book running lead managers of the IPO are Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India).

The shares on offer in the IPO are anticipated to be listed on the BSE and the NSE.

HDFC Standard Life Insurance Company is a joint venture between HDFC, India's biggest mortgage lender and Standard Life Aberdeen PLC. Standard life merged with Aberdeen Asset Management in March 2017.

The company operates across the length and breadth of the country. It currently comprises 414 branches across India and boasts a strong workforce of 16,544 employees.

In FY2017, HDFC Life had reported a net profit of Rs 887 crore on a premium income of Rs 19,275 crore, which has witnessed a CAGR of 14.5% during FY2015-17


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