IndiaFirst Life Insurance gets SEBI permission to float IPO

March 21, 2023

Bank of Baroda- promoted IndiaFirst Life Insurance has entered final observation from the request controller Securities and Exchange Board of India (SEBI) to raise finances through an original public immolation (IPO). The public issue consists of a fresh issue of equity shares worth up to Rs 500 crore and an offer- for- trade (OFS) of over to 141,299,422 equity shares by the protagonist and other dealing shareholders. Bank of Baroda will discharge about 89,015,734 equity shares, while Carmel Point Investments will give 39,227,273 equity shares and equity shares will be unloaded by Union Bank of India.

The company, which had filed primary IPO papers with Sebi on October 21 last time, may also consider a private placement, preferential allotment, rights issue and other styles to raise finances up to Rs 100 crore. However, the fresh issue size will be reduced, if similar placement is completed. The proceeds from the fresh allocation worth Rs 500 crore will be used towards addition of its capital base to support solvency situations. The Mumbai- grounded insurer is one the fastest growing private life insurers in the country in terms of new business- ensured withdrawal plan in FY2022.

IndiaFirst Life Insurance Company recorded its loftiest five- time growth in terms of New Business Individual Rated Premium (IRP) amongst life insurers with PSU bank chance, with a CAGR of 27.3% between financial 2017 to financial 2022.

IndiaFirst is supported by an expansive bancassurance network handed by Bank of Baroda and Union Bank, two of India’s biggest public sector banks. As of June 30, 2022, it offered 29 retail products, comprising of which 9 sharing products, 16non-participating products (of which 11 non-participating savings products and six non-participating protection products) and 4 ULIPs, it also has 13 group products. As on June 30, 2022, it had 58,610 retail product programs in force and 13,47,856 lives covered by group programs.

ICICI Securities Limited, Ambit Private Limited, BNP Paribas, BOB Capital Markets Limited, HSBC Securities and Capital Markets (India) Private Limited, Jefferies India Private Limited and JM Financial Limited are the book- running lead directors and KFin Technologies Limited is the register to the offer. The equity shares are proposed to be listed on BSE and NSE.

About IndiaFirst Life Insurance

With a passion for serving customers, we believe the certainties far outweigh the uncertain and we’d like you to prepare for those moments. We’re happy you decided to get to know us better. Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), with a paid-up share capital of INR 754.37 crore, is one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2022. Our key differentiators are our simple, easy-to-understand products that are optimally priced.



At IndiaFirst Life, we come to work every day with the goal of making insurance easily available to every Indian household. We’ve come a long way from that day in November 2009, when as the 22nd entrant in the private Life Insurance Industry, we sold our first policy. Today, as on 31 March 2022, our “New Business IRP”, stands at INR 1,345 Crores and IndiaFirst Life ranks* 11th. We ended FY22 on a strong footing with INR 5,187 Crores of total premium and AUM of INR 18,932 Crores. The company continues to be one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2022 with a 5-year-CAGR of 27.3% New Business IRP.

We’ve had Bank of Baroda, Andhra Bank (now, Union Bank of India) and Legal & General Middle East Limited as our initial shareholders. After journeying with us Legal & General Middle East Limited sold its stake in February 2019 to Carmel Point Investments India Private Limited, a private limited company incorporated under the laws of India and affiliate of the Warburg Pincus Group. In April 2020, Andhra Bank was amalgamated into The Union Bank of India. Our shareholding pattern as of today stands at: Bank of Baroda – 65%, Union Bank of India – 9% and Carmel Point Investments India Private Limited – 26%.


As of June 30, 2022, we offered 29 retail products, 13 group products along with six riders (across retail and group portfolios), along with policies under the PMJJBY scheme, catering to protection, savings, health and retirement needs of our customers, leveraging multiple distribution capabilities and augmenting various investment options. In all propositions under the categories of Participating Plans, Non-Participating Savings Plans, Non-Participating Protection Plans, Unit Linked Insurance Plans, Group Protection Plans, Corporate Funds Plans, Riders & PMJJBY form a complete suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and optimally priced with a developed comprehensive risk management framework/policy.