SBI Life, ICICI Lombard hit lofty IPO valuations

Insurance duo raise over $2 billion, boosting confidence for the long queue of public and private insurers slated to hit the market in India in the next couple of months.

SBI Life, ICICI Lombard hit lofty IPO valuations

SBI Life Insurance completed India’s biggest initial public offering this year on a high note on Tuesday, pricing the Rp83.9 billion $1.3 billion deal at the top of guidance and securing a valuation premium over its listed peer.

National Stock Exchange of India data shows the 120 million-share deal was 3.58 times oversubscribed. By category, institutional investors applied for over 12.56 times the number of shares on offer, while the retail portion was oversubscribed...

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