Canara HSBC Life Insurance IPO sets price band at ₹100 to ₹106 per share: Check lot size, key dates, objectives and more

Canara HSBC Life Insurance Company has fixed a price band of ₹100 to ₹106 per share for its forthcoming Initial Public Offering (IPO), giving a valuation of around ₹10,070 crore at the upper end.

The life insurer's ₹2,517.50 crore initial share sale would open for subscription on October 10 and end on October 14. The one-day bidding for anchor investors would take place on October 9, according to its public announcement.

The IPO is solely an offer for sale of 237,500,000 shares by the promoters, Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Ltd, and the investor, Punjab National Bank.

As it is entirely an OFS, the company will not get any funds from the public issue, and the proceeds will go to the selling shareholders.

Canara HSBC Life Insurance IPO: Lot size

A lot consists of 140 shares and multiples thereof. In terms of issue allocation, 50% of the net offer is set aside for qualified institutional buyers (QIBs), 35% for retail individual investors and the rest, 15%, for non-institutional investors (NIIs).

Canara HSBC Life Insurance IPO timeline: Allotment and listing dates

Canara HSBC Life Insurance Company is a private life insurer in India. It was incorporated in 2007 and has grown into a prominent bank-led private player in the life insurance sector, as it ranks third amongst public sector bank-led life insurers in India, as per the CRISIL Report, based on the number of lives covered for the financial year 2024-25.

SBI Capital Markets, BNP Paribas, JM Financial, Motilal Oswal Investment Advisors and HSBC Securities and Capital Markets are the bookrunning lead managers to the issue, while KFin Technologies serves as the registrar.