Canara HSBC Life Insurance plans to raise $300m via IPO

Core Viewpoint - Canara HSBC Life Insurance is preparing for an initial public offering (IPO) to raise up to $300 million (Rs26.6 billion) [1] Group 1: IPO Details - The IPO is planned for early October, with investor roadshows already initiated [1] - The size and timing of the IPO are subject to change as discussions continue [1] - Canara HSBC Life Insurance filed a draft prospectus in April to sell up to 237.5 million shares and received approval in September [2] Group 2: Shareholder Divestment - Canara Bank plans to divest 137.8 million shares, while HSBC Insurance and Punjab National Bank will sell 4.7 million and 95 million shares, respectively [2] - The bank is required to reduce its stake in Canara HSBC Life Insurance to 30% by the end of October 2029 [4] Group 3: Financial Performance - Canara HSBC Life recorded a profit of Rs849 million for the nine months ending December 31, 2024 [3] - Last year, Canara Bank received approval from the Reserve Bank of India to divest its stakes in life insurance and mutual fund businesses via IPOs [3] Group 4: Coordination and Management - The IPO is being coordinated by local branches of HSBC Holdings, BNP Paribas, SBI Capital Markets, JM Financial, and Motilal Oswal Investment Advisors [3]