Canara HSBC Life Insurance Company gets Sebi nod for IPO

Canara Bank subsidiary Canara HSBC Life Insurance Company has received an observation letter from Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO) and to file its Updated Red Herring Prospectus (UDRHP), the lender today informed the exchanges.

Canara HSBC Life Insurance is a private life insurance company with HSBC Insurance (Asia-Pacific) Holdings Limited as the other promoter of the company.

About Canara HSBC Life Insurance Company IPO


The issue will comprise an offer for sale (OFS) of up to 23.75 crore equity shares of face value of Rs 10 each. In this, up to 13.77 crore equity shares will be offloaded by Canara Bank while up to 47.50 lakh equity shares by HSBC Insurance. Meanwhile, up to 9.5 crore equity shares will be offered by Punjab National Bank which is the investor selling shareholder.

About Canara HSBC Life Insurance Company

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.

Canara HSBC Life Insurance Company had the third highest assets under management (AUM) amongst public sector promoted life insurers, as at March 31, 2024, the DRHP said, citing a CRISIL Report. It ranks amongst the top five bank led life insurers in India based on the number of lives covered for fiscal 2024.

The Annualised Premium Equivalent (APE) of the company has consistently grown, the DRHP claimed. The profit after tax (PAT) of the company has increased at a CAGR of 232.61% from Rs 10.24 crore in FY22 to Rs 113.32 crore in FY24 and was at Rs 84.89 crore in the nine months ended December 31, 2024.

Lead managers

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.

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