IPO Alert: Canara HSBC Life Insurance Submits Papers to SEBI:

Canara HSBC Life Insurance Submits Draft Papers to SEBI for Upcoming IPO Canara HSBC Life Insurance, sponsored by Canara Bank and a top Indian life insurance company, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). In accordance with a report given by CRISIL, the firm is being ranked among the top five bank-led life insurers in India, on the basis of the total number of lives covered under the financial year 2024.

IPO Details:

• The IPO will be an offer for sale (OFS) of 237.5 million equity shares.
• The shares will be listed on both the BSE and NSE.
• The lead managers for the IPO are SBI Capital Markets, BNP Paribas, HSBC Securities, JM Financial, and Motilal Oswal.

Use of Funds:

The company won’t receive any money from the offer. The funds will go to the selling shareholders: Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and Punjab National Bank.

Financial Performance:

For the financial year 2024, Canara HSBC Life Insurance reported a profit of Rs. 113.32 crore, which is a massive 1,006.3% increase from Rs. 10.24 crore in FY 2022. The company’s profit has grown at a compound annual growth rate (CAGR) of 232.61% over the last two years.

Company Overview:

Canara HSBC Life Insurance offers a variety of life insurance products such as savings, endowment, term (pure protection), retirement, group credit life, and protection plans. Policies are also provided by them under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Currently, the company has 17 individual products, 7 group products, and 2 riders.