Bank of Baroda promoted IndiaFirst Life Insurance has filed a draft prospectus for its maiden public offer.
The public issue consists of fresh equity shares worth up to Rs 500 crore and an offer for the sale of 14.12 crore shares by shareholders — Bank of Baroda, Union Bank of India and Carmel Point Investments India Private Limited.
The Mumbai-based insurance company said the proceeds from fresh issuance will be used towards augmenting the capital base to support solvency levels.
Bank of Baroda holds a 65 per cent stake in the insurance company followed by Warburg Pincus affiliate Carmel Point Investments at 26 per cent and Union Bank of India at 9 per cent.
Net premium earned by the insurance company increased by 27.8 per cent to Rs 4,985.21 crore for FY22 from Rs 3,900.94 crore in FY21. The insurer’s embedded value has increased from Rs 1,681.20 crore in FY21 to Rs 1,865 crore in FY22.
IndiaFirst Life is the fifth life insurance company to apply for an IPO. ICICI Prudential Life Insurance, HDFC Life Insurance, SBI Life Insurance and LIC are among the other listed life insurance companies.
