Canara HSBC Life Insurance Files for IPO Amid Market Volatility

Canara HSBC Life Insurance has submitted documents with SEBI for an IPO, joining Canara Robeco AMC in seeking market opportunities. The proposed offer-for-sale includes 23.75 crore shares from major stakeholders, with no direct financial inflow to the company. The move comes amidst slow IPO market conditions.

Canara HSBC Life Insurance Company Ltd has initiated steps towards launching an initial public offering (IPO) by filing preliminary documents with the Securities and Exchange Board of India (SEBI).

This announcement follows closely on the heels of Canara Robeco Asset Management Company filing its IPO papers with the regulator. Both ventures aim to raise market capital amid a slowdown in public offerings due to economic volatility.

The IPO, entirely an offer-for-sale (OFS), involves 23.75 crore equity shares by the company's main stakeholders, including Canara Bank, HSBC Insurance, and Punjab National Bank. These institutions will sell portions of their stakes without direct proceeds benefiting the company. Canara HSBC, a collaboration between Canara Bank and HSBC Group since 2007, remains a leading entity in India's private life insurance market. SBI Capital Markets and others are set to manage the IPO.

(With inputs from agencies.)