The share sale will close on 22 September.
The insurer has priced its shares in a range of Rs685-700 per share. The price band has been set at ₹685-700 an equity share with a minimum bid of 21 equity shares. SBI sold 3.9% stake in the company to private equity investors in December 2016 for ₹1,800 crore. Lp and Temasek Holdings Pte Ltd for around Rs1,794 crore. "Yes, we have taken 23 years to come back to the market again", said Arundhati Bhattacharya, chairman, SBI, while announcing the IPO.
The book-running lead managers to the offer are JM Financial Institutional Securities Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited.
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The company is a joint venture between State Bank of India, the country's biggest lender, and BNP Paribas Cardif. The public offering of SBI Life's shares is the first billion-dollar IPO from India since 2010. The IPO will be open for subscription for three days starting next Wednesday, SBI said in a statement on Tuesday.
As of 31 March, SBI Life Insurance had assets under management (AUM) of Rs97,736.6 crore, up 37% from a year ago.
SBI Life Insurance will be the second life insurer to go public.
At present, ICICI Prudential Life Insurance is the only insurance company to be listed on the Indian stock exchanges.
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