Canara HSBC Life OFS Process:
Canara HSBC Life OFS consists of 23.7 crore equity shares with ₹10 shares each.
A total of 23.7 equity shares are being sold in the Canara HSBC Life OFS process, including Canara Bank will sell 13.77 crore shares, HSBC will sell 4.75 crore shares, and PNB will sell 9.5 crore shares.
Moreover, 51% stakes are held by Canara Bank, HSBC Insurance (Asia-Pacific) holds 26%, and 23% by PNB(Panjab National Bank).
The company will not receive IPO proceeds because of entire IPO consists of OFS proceeds.
Canara HSBC Life IPO lead managers
BNP Paribas, SBI Capital, Motilal Oswal Investment Advisors, HSBC Securities& Capital Markets. Moreover, Canara HSBC Life is a mainline IPO, going to be listed on the BSE & NSE stock exchanges.
About Canara HSBC Life Company
Founded in 2007, Canara HSBC Life Insurance is ranked among the top five bank-led life insurance companies in India. According to a CRISIL report mentioned in the DRHP, it holds the second position among life insurers promoted by public sector banks in terms of the number of lives covered during the financial year 2024.
The company, based in Gurugram, has been in the insurance business for over 15 years and follows a bancassurance model. It sells its insurance products mainly through partner banks. It offers a wide range of plans, including savings and endowment plans, term insurance, retirement solutions, and government-backed schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana. These products are sold through multiple channels, especially using the strong branch networks of HSBC and Canara Bank across Tier 1, 2, and 3 cities.
