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News18
29-04-2025
- Business
- News18
New IPO Alert: Canara HSBC Life Insurance Files DRHP With SEBI, Check Details
Last Updated: Canara HSBC Life Insurance filed for an IPO with SEBI, offering up to 237.5 million shares. Promoters are Canara Bank and HSBC Insurance. New IPO Launch: Canara HSBC Life Insurance Company Limited, a prominent bank led private player in the Indian life insurance sector has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited are the promoters of the company. The offer comprises of an Offer for sale of up to 237,500,000 Equity Shares of face value of ₹10 each, (The 'Offer for Sale") including up to 137,750,000 equity shares by Canara Bank ('Promoter Selling Shareholder"); up to 4,750,000 equity shares by HSBC Insurance (Asia-Pacific) Holdings Limited ('Promoter Selling Shareholder"); and up to 95,000,000 equity shares by Punjab National Bank ('Investor Selling Shareholder"). Canara HSBC Life Insurance Company Limited is a private life insurer in India and is promoted by Canara Bank (which ranks as the fourth largest public sector bank by total assets in India as at December 31, 2024. (Source: CRISIL Report)) and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of The Hongkong and Shanghai Banking Corporation Limited ('HSBC") group, whose global reputation as a financial institution adds credibility and brand value to the company. The company had the third highest assets under management ('AUM") amongst public sector promoted led life insurers, as at March 31, 2024 (Source: CRISIL Report) and ranks amongst the top five bank led life insurers in India based on the number of lives covered for Fiscal 2024. (Source: CRISIL Report) Incorporated in 2007, Canara HSBC Life Insurance Company Limited has grown into a prominent bank led private player in the Indian life insurance sector as it ranks second amongst public sector bank led life insurers in India based on the number of lives covered for Fiscal 2024. (Source: CRISIL Report). The Annualised Premium Equivalent ('APE") of the Company has consistently grown, reflecting efforts to expand products and services and increase market presence. The profit after tax of the Company has increased at a CAGR of 232.61% from ₹102.43 million in Fiscal 2022 to ₹1,133.17 million in Fiscal 2024 and was ₹848.93 million in the nine months ended December 31, 2024 The equity shares are proposed to be listed on the stock exchanges being BSE Limited (the 'BSE") and National Stock Exchange of India Limited (the 'NSE", and together with the BSE, the 'Stock Exchanges"). SBI Capital Markets Limited, BNP Paribas , HSBC Securities & Capital Markets (India) Private Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers to the issue.
Mint
29-04-2025
- Business
- Mint
IPO Watch: Canara HSBC Life Insurance files draft papers with SEBI
IPO Watch: Canara HSBC Life Insurance Company Ltd has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO). Canara HSBC Life Insurance Company Limited is a private sector life insurance provider in India, backed by Canara Bank, which is the fourth largest public sector bank in the country based on total assets as of December 31, 2024. As of March 31, 2024, the company held the third largest assets under management (AUM) among life insurers promoted by public sector entities, according to a CRISIL Report, and is ranked among the top five bank-led life insurers in India for the number of lives covered in fiscal 2024. The company's profit after tax has experienced a compound annual growth rate (CAGR) of 232.61%, rising from ₹ 102.43 million in fiscal 2022 to ₹ 1,133.17 million in fiscal 2024, with a profit of ₹ 848.93 million reported for the nine months ending December 31, 2024. Canara HSBC IPO consist solely of an offer for sale (OFS), with Canara Bank, HSBC Insurance, and Punjab National Bank collectively selling up to 23.75 crore shares. As it is an OFS, the company will not receive any funds from the issuance. Canara Bank will be selling approximately 13.77 crore shares in this offering, while HSBC Insurance (Asia-Pacific) Holdings will divest 0.47 crore shares. Punjab National Bank intends to sell as many as 9.5 crore shares. Canara HSBC Life Insurance Company is a joint venture established by Canara Bank, which holds a 51% interest, and HSBC Group's HSBC Insurance (Asia Pacific) Holdings, which possesses a 26% stake. This is the second IPO from a company supported by Canara Bank in recent times, following the recent filing by Canara Robeco Asset Management Company. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision. First Published: 29 Apr 2025, 11:42 AM IST
Mint
25-04-2025
- Business
- Mint
IPO Watch: Canara Robeco Asset Management Company files draft papers for IPO with SEBI
IPO Watch: Canara Robeco Asset Management Company Ltd has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO). The company is recognised as the second oldest asset management firm in India, according to the CRISIL Report. Canara Bank along with ORIX Corporation Europe N.V are the company's promoters. In December of last year, Canara Bank, announced that it has been granted permission by the Reserve Bank of India (RBI) to sell off its 13% stake in Canara Robeco Asset Management Company Ltd. The main operations of the AMC include the management of mutual funds and offering investment advice on Indian stocks. As of December 31, 2024, it oversees 25 schemes, which consist of 12 equity schemes, 10 debt schemes, and three hybrid schemes, with an average quarterly AUM of ₹ 1,083.66 billion on the same date. As of December 31, 2024, it oversees 25 schemes, which consist of 12 equity schemes, 10 debt schemes, and three hybrid schemes, with an average quarterly AUM of ₹ 1,083.66 billion on the same date. The firm utilises a diverse sales and distribution network that enables it to provide products and services to its clientele. This network comprises third-party distributors, sales conducted through its branches, and online platforms. As per the DRHP, the company's listed peers are HDFC Asset Management Company Ltd (with a P/E of 50.17), Nippon Life India Asset Management Ltd (with a P/E of 38.25), Aditya Birla Sun Life AMC Ltd (with a P/E of 24.69) , and UTI Asset Management Company Ltd (with a P/E of 18.85). The issue entails an Offer for Sale (OFS) of as many as 49,854,357 equity shares, each with a face value of ₹ 10, which includes a maximum of 25,924,266 equity shares from Canara Bank and up to 23,930,091 equity shares from ORIX Corporation Europe N.V. SBI Capital Markets Limited, Axis Capital Limited, and JM Financial Limited serve as the Book Running Lead Managers for this offering. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision. First Published: 25 Apr 2025, 05:52 PM IST
