Private life insurer Canara HSBC Life Insurance Company Ltd, a joint venture of Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and Punjab National Bank (PNB), has received final observations from the Securities and Exchange Board of India (SEBI) to file its Updated Draft Red Herring Prospectus (UDRHP) for an initial public offering (IPO).
IPO Structure
The IPO, originally filed on April 28, 2025, is structured as a 100% offer-for-sale (OFS) of up to 23.75 crore equity shares, with no fresh issue component. The selling shareholders will be:
- Canara Bank (51% stake)
- HSBC Insurance (Asia-Pacific) Holdings (26% stake)
- Punjab National Bank (PNB) (23% stake)
All proceeds, net of issue expenses, will go directly to these shareholders.
Regulatory Compliance
According to the company, SEBI’s observations have been incorporated into the UDRHP to meet compliance requirements before filing the final Red Herring Prospectus (RHP) with the Registrar of Companies.
Lead Managers
The IPO will be managed by SBI Capital Markets, BNP Paribas, HSBC Securities & Capital Markets (India), JM Financial, and Motilal Oswal Investment Advisors as the book running lead managers.
Related Development
Separately, SEBI has also cleared the IPO of Canara Robeco Asset Management Company, which had filed draft papers on April 24, 2025, for a 100% OFS of 4.98 crore shares by Canara Bank and its foreign partner ORIX Corporation Europe NV. SEBI issued its observation letter on September 10, 2025.
Summary
- SEBI approval: Canara HSBC Life cleared to file updated DRHP for IPO.
- IPO size: Up to 23.75 crore shares, entirely OFS, no fresh issue.
- Promoters: Canara Bank (51%), HSBC Insurance (26%), PNB (23%).
- Lead managers: SBI Caps, BNP Paribas, HSBC Securities, JM Financial, Motilal Oswal.
- Related news: SEBI also approved IPO of Canara Robeco AMC (100% OFS of 4.98 crore shares).
Disclaimer:
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