Upcoming IPO: Canara HSBC Life Insurance’s public offer gets SEBI’s nod; what we know so far

Upcoming IPO: Canara HSBC Life Insurance Company Limited, a subsidiary of state-run Canara Bank, has secured final observations from market regulator Securities and Exchange Board of India (SEBI), permitting it to file an updated red herring prospectus (UDRHP).

"Canara HSBC Life Insurance Company Limited, Subsidiary of Canara Bank has received communication from Securities and Exchange Board of India (SEBI) vide letter dated 15.09.2025 on final observations and for filing Updated Red Hearing Prospectus (UDRHP)," the PSU bank said in an exchange filing on Monday.

The company implemented SEBI's observations into the DRHP before filing the UDRHP with the Registrar of Companies. It had filed draft papers on April 28, 2025.

The initial public offering is exclusively an offer for sale (OFS) of up to 23.75 crore equity shares, including up to 13.77 crore shares by Canara Bank, up to 47 lakh shares by HSBC Insurance (Asia-Pacific) Holdings and up to 9.5 crore shares by Punjab National Bank.

As of March 31, 2024, it has the third-highest assets under management, or AUM, amongst public sector-promoted led life insurers.

Incorporated in 2007, it has flourished into a prominent bank-led private player in the Indian life insurance market, as it ranks second amongst public sector bank-led life insurers in India based on the number of lives covered for the financial year 2023-24.

The insurer's Annualised Premium Equivalent (APE) has witnessed consistent growth, reflecting efforts to expand products and services and increase market presence, as per the DRHP.

Its profit after tax grew at a CAGR of 232.61% from ₹10.2 crore in fiscal 2022 to ₹113.3 crore in fiscal 2024 and was ₹84.8 crore in the nine months ended December 31, 2024, it said.