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HDFC Life files documents for IPO

HDFC in process to launch its IPO in the stock exchange.
BY BEx Bureau
BusinessEx
Aug 22, 2017

After hitting a road block in the merger deal of HDFC and billionaire Anqaljit Singh promoted Max Financial Services Ltd, HDFC plans to roll out IPO in the stock exchange and files the documents with SEBI for the approval of the same.

The previous deal aims to offer the sale of a stake from HDFC and its joint venture UK- based lender Standard Life Plc. Now, both the partners will be diluting their stakes with a total of 14.97% via IPO.

From the total stake sale, HDFC stake could be 9.55% and the rest %.42% the stake will be on sale by Standard Life. The company will not be able to get any proceeds out of the IPO but the value of HDFC Standard Life could estimate at Rs 46,000-47,000 crore.

After the issue of IPO, the company could become the third most valued life insurer after ICICI Prudential and the market major SBI Life.

HDFC Lifes net profit rose 8.5% to Rs 887 crore for the year ended March 2017. Premium income rose 19% to Rs 19,274.8 crore during the same period.

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