The life insurer is promoted by leading private sector lender Bank of Baroda. Credit: Tumisu from Pixabay.

IndiaFirst Life Insurance has filed papers with the capital markets regulator SEBI to launch its initial public offering (IPO), the Business Standard reported. 

According to the Hindu BusinessLine’s report, the life insurer is looking to raise up to INR25bn ($302.38m) via the IPO. 

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The proposed share sale consists of a fresh issue of equity shares of up to INR5bn and an offer-for-sale (OFS) of some 141.29 million shares by promoters and shareholders. 

Public sector lender, Bank of Baroda (BoB) controls a 65% stake in the life insurer, Warburg Pincus-backed Carmel Point Investments India holds 26% and Union Bank of India has a 9% stake in the entity. 

As per the draft red herring prospectus (DRHP), BoB will sell 89,015,734 equity shares, Warburg Pincus’s affiliate will dilute 39,227,273 equity shares and finally, Union Bank of India will divest 13,056,415 equity shares.

IndiaFirst Life Insurance plans to use the proceeds from the offering to strengthen its capital base and bolster its solvency position. 

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Furthermore, the proceeds from the new issue will be used to meet the expenses related to the IPO. 

The life insurer may consider a private placement on a preferential basis or a rights issue worth up to INR1bn and if the placement is completed, the size of the fresh issue will be reduced, the Economic Times reported.

IndiaFirst Life Insurance is the third insurer to file papers with SEBI this year after state-backed Life Insurance Corporation of India (LIC) and Go Digit.