Wednesday, 20 April 2016

HDFC Standard Life plans IPO : 20 April 2016


HDFC Standard Life on announced plans to launch its initial public offer wherein parent HDFC would sell 10 % stake.While the financial details of the IPO are yet to be worked out, the IPO could be worth at least about Rs 2,000 crore, going by the valuation derived by the private insurer under its earlier off-market stake sale transactions.In a regulatory filing, Housing Development Finance Corporation (HDFC) said the board of directors of its non-listed subsidiary, HDFC Standard Life Insurance Company (HDFC Life), have approved taking steps to initiate the process for an IPO.

The IPO would be by way of an offer for sale by HDFC of up to 10 % of its stake in the insurance company. In a separate filing, HDFC said it has "in-principle agreed to sell up to 10 % stake held in HDFC Standard Life Insurance Company".HDFC Life said that the IPO is subject to various regulatory approvals including by insurance regulator IRDAI and markets regulator Sebi.On Monday, it had reported a 4.2 % rise in net profit at Rs 818 crore for the financial year ended March 31, 2016. The insurer had posted a net profit of Rs 786 crore in the previous financial year. Total premium collection of the company rose 10 % to Rs 16,313 crore, HDFC Life said in a statement.The company has paid a dividend of Rs 216 crore to its shareholders.HDFC recently completed sale of its 9 % additional stake in HDFC Lfe to foreign partner Standard Life, which has raised its stake from 26 % to 35 %.The foreign insurer has paid Rs 1,705 crore for this 9 % stake, valuing the company at Rs 18,951.4 crore.HDFC holds 61.65 % in HDFC Life. In 2000, HDFC and Standard Life launched a joint venture, HDFC Life, which was the first private life insurance company to be granted a licence to operate in India.Now, it has become the first life insurer to launch IPO process formally although a number of other players have expressed their intention to go IPO way and get listed.The IPO is likely to take place this financial year itself, while the markets regulator Sebi would be approached soon for filing of draft public offer documents.

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