Mumbai Headquartered IndiaFirst Life Insurance filed DRHP with SEBI to go public. The company wants to launch its IPO listing its stock at both BSE/ NSE and raise funds to the tune of Rs. 2,000-2,500 crore. IndiaFirst Life Insurance is promoted by Bank of Baroda (BOB) which holds 65% stake, Warburg Pincus affiliate Carmel Point Investments India which holds 26% stake and Union Bank of India holding 9% stake as the key major promoters. These three key major promoters Bank of Baroda (BOB), Warburg Carmel Point Investments India and Union Bank of India will off load nearly 8.9 crore, 3.9 crore and 1.3 crore shares respectively during the IPO process and the company will issue fresh equity shares worth Rs.500 crore. Ambit, BNP Paribas, BOB Capital Markets Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities, Jefferies India and JM Financial are the book running lead managers for the issue.
IndiaFirst Life Insurance file DRHP for IPO
