Canara HSBC Life Insurance Company Limited has filed a draft red herring prospectus (DRHP) with the capital market regulator, the Securities and Exchange Board of India (SEBI), to float its initial public offering (IPO).
Canara HSBC Life is a joint venture, with Canara Bank holding a 51% stake and HSBC Group’s Asia-Pacific insurance arm owning 26%. This upcoming IPO marks the second such move from a Canara Bank-backed entity in recent months, following the DRHP filing by Canara Robeco Asset Management Company.
Canara HSBC Life Insurance IPO will be a pure offer for sale (OFS), with no fresh issue of shares, meaning the company itself will not receive any proceeds from the offering.
A total of up to 23.75 crore shares will be offloaded by the existing shareholders—Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and Punjab National Bank.
Also Read: Upcoming IPOs in May 2025
Canara HSBC Life Insurance is a prominent private life insurer in India. Canara HSBC Life is jointly promoted by Canara Bank, India’s fourth-largest public sector bank by total assets as of December 31, 2024.
According to a CRISIL report, the company ranked third in terms of assets under management (AUM) among life insurance firms backed by public sector entities as of March 31, 2024. It also ranked among the top five bank-led life insurers in India by number of lives covered during FY 2024.
Canara HSBC Life has demonstrated robust financial growth, with its profit after tax surging at a compound annual growth rate (CAGR) of 232.61%, rising from ₹102.43 million in FY 2022 to ₹1,133.17 million in FY 2024. For the nine months ending December 31, 2024, it reported a profit of ₹848.93 million.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Apr 30, 2025, 10:02 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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