Canara HSBC Life Insurance Company Ltd has established a price range of ₹100 to ₹106 per share for its upcoming IPO, with an anticipated valuation of approximately ₹10,000 crore if priced at the upper limit. The IPO will be available for public subscription from October 10 to October 14, while large investors can begin placing their orders on October 9. This offering is a complete offer for sale, involving the sale of 23.75 crore shares by promoters and investors. Specifically, Canara Bank will sell 13.77 crore shares, HSBC Insurance will sell 4.75 million shares, and Punjab National Bank will sell 9.5 crore shares.
As this involves the sale of existing shares, the company will not receive any proceeds from the sale; instead, the funds will go to the sellers. Established in 2007, Canara HSBC Life Insurance is a prominent private insurance provider in India, with Canara Bank holding a 51% stake and HSBC Group holding 26%. The share allocation includes 50% for large investors, 35% for retail investors, and 15% for other types of investors, with a minimum purchase requirement of 140 shares. The company aims to commence trading on the stock exchange on October 17. Additionally, Canara Robeco Asset Management plans to launch its IPO from October 9 to 13.
In December 2024, Canara Bank received regulatory approval from the RBI to divest shares in insurance and mutual funds.