Canara HSBC Life IPO: Another IPO is about to open in October, here is the complete information so far:

News Topical, Digital Desk : Canara HSBC Life Insurance Company has begun meetings with investors ahead of its initial public offering (IPO). Bloomberg, citing sources, reported that the IPO could launch as early as October 15. The company, owned by Canara Bank, Punjab National Bank, and the local insurance unit of HSBC Group, aims to raise $300 million (approximately Rs 2,500 crore).

However, sources said the size and timing of the IPO could change, as discussions are ongoing. Canara HSBC Life Insurance has yet to officially announce its plans.

How many shares will be sold?
Canara HSBC Life Insurance filed a draft prospectus with the market regulator (SEBI) in April, and it received approval this month. According to the April statement, the company plans to sell 237.5 million shares. Of these, Canara Bank will sell 137.8 million shares, Punjab National Bank 95 million shares, and HSBC Insurance 4.7 million shares.

Who will manage this IPO? The IPO is being managed by the local units of HSBC Holdings, BNP Paribas, SBI Capital Markets, JM Financial, and Motilal Oswal Investment Advisors. In its filing, the company reported a profit of ₹849 crore ($9.6 million) in the nine months to December 2024.

LG Electronics' IPO is also coming soon. LG Electronics India Limited's IPO is set to open for subscription soon. According to reports, the LG Electronics IPO will open for subscription on October 7th and close on Thursday, October 9th. This IPO will be a pure offer for sale (OFS), in which the parent company, LG Electronics Inc., will sell 101.8 million shares. This means that the Indian company will not receive any proceeds from this three-day share sale.