IndiaFirst Life Insurance Company IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Jan 06, 2023IndiaFirst Life Insurance company is under the Bank of Baroda. The insurance company recently filed the preliminary documents for the initial public offering (IPO) with the market regulator, the Securities and Exchange Board of India (SEBI).
Most of the data surrounding the IndiaFirst Life Insurance IPO is yet to be disclosed; however, this article shares the information provided in the DRHP and an IndiaFirst Life Insurance IPO review.
| Face Value | Rs 10 |
| Price Band | Rs NA |
| Listing At | BSE, NSE |
| Min. Order Quantity | NA Shares |
| Listing Date | NA |
| Offer for Sale | Rs NA Crore |
| Fresh Issue | Rs NA Crore |
| IPO Size | Rs NA Crore |
| Tick Size | 1 |
IndiaFirst Life Insurance Company IPO Overview
IndiaFirst Life Insurance turns out to be one of the leading private life insurers in the country.
It has had some significant growth in the fiscal year 2022 which gained the company a whole lot of recognition. The support of one of the company’s promoters, Bank of Baroda (“BOB”) has also aided the firm in building better relationships in the market.
The soon-to-be public company, by issuing the IndiaFirst Life Insurance IPO, provides insurance to retail customers based on different categories.
To date, they have 29 retail products and 13 grouped products. The products cater to a wide segment of customers from different age groups.
IndiaFirst Life Insurance Company IPO Important Dates
| Events | Date |
| IPO Opening Date | Not Disclosed |
| IPO Closing Date | Not Disclosed |
| Basis of Allotment Finalization | Not Disclosed |
| Refunds Initiation | Not Disclosed |
| Credit of Shares to Demat Account | Not Disclosed |
| Share Listing Date | Not Disclosed |
Currently, the important IndiaFirst Life Insurance IPO dates have not been disclosed. As it is provided by the company, the same will get updated here.
There are three to four important dates that the investors need to look out for. There is the opening and closing date, then the allotment date, and the listing date. The shares will be listed in both NSE and BSE
IndiaFirst Life Insurance Company IPO Price, Size, Share Offerings
| Face Value | Rs.10 |
| Price Band | Rs NA |
| Offer for Sale | Rs NA Crore |
| Fresh Issue | Rs NA Crore |
| IPO Size | Rs NA Crore |
Many analyst and merchant banking sources have been speculating that IndiaFirst Life Insurance IPO size can be in the range of Rs.500 Cr.
However, these are not the confirmed nos. Thus, it will get updated. The face value of the share remains Rs. 10 per share, and shares issued as an offer for sale are up to 141,299,422.
Among these OFS, the three promoters, Bank of Baroda, Carmel Point Investment India, and Union Bank of India, will offload 89,015,734, 39,227,273, and 13,056,415 shares, respectively.
The details on lot size, issue size, IndiaFirst Life Insurance IPO price, and the fresh issue will be disclosed soon here.
IndiaFirst Life Insurance Company IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| Not Disclosed | |||
The grey market premium of the company is yet to be disclosed. At present, there is no premium on the share price. If in the later stage, the share does well in the grey market and has a high premium rate, it will indicate that there is a high demand for IPO.
Thus, investing in the company may turn out positive. As the movement and IndiaFirst Life Insurance IPO GMP in the gey market increases, the numbers will be shared in the above table.
IndiaFirst Life Insurance Company IPO Subscription Status
| Day / Date | QIB | NII | RII | Emp | Total Subscription |
| 1st Day – | |||||
| 2nd Day – | |||||
| 3rd Day – | |||||
| Shares Offered or Net Issue |
The subscription status shows how much bidding is done on the shares once the IPO begins. Since the status of the IPO remains inactive, there is no subscription status.
As the IPO goes active, you will be able to get live IndiaFirst Life Insurance IPO Subscription status using the link here.
IndiaFirst Life Insurance Company IPO Allotment Status
Based on the document submitted to the capital market regulator and the buzz in the market, IndiaFirst Life Insurance IPO will allot not less than 75% to Qualified Institutional Buyers, 15% to high-net-worth investors, and 10% to retail investors.
For live IndiaFirst Life Insurance IPO Allotment status and report, check out this link here.
IndiaFirst Life Insurance Company IPO Live Performance
As we wait to hear about the IPO dates and IndiaFirst Life Insurance Share Price, it is best to keep all the links where all the info is available ready.
One such link this here, in which the investors can directly monitor the live IndiaFirst Life Insurance IPO performance of the IPO listing.
Subscribe to IndiaFirst Life Insurance Company IPO – Open Free Demat Account Now!
Latest IndiaFirst Life Insurance Company IPO News
The IndiaFirst Life Insurance IPO is backed by the Bank of Baroda, a bank with years of experience in the field. The former filed for the DRHP dated back in October 2022.
The capital regulator will carefully evaluate every prospect of the document before sanctioning the IPO listing to raise around Rs.500 Cr.
Half the proceeds will be used to pay off the shareholders selling their shares and the remaining as a capital surplus to increase the solvency levels.
Detailed IndiaFirst Life Insurance IPO news and information are currently unavailable; however, as the anticipated IPO dates approach, every detail will be made available here.
IndiaFirst Life Insurance Company – Company Review
IndiaFirst Life Insurance company started its operations in the year 2008, the company of a 14-year-old institution in the Indian insurance sector. The headquarters of the company is situated in Mumbai, Maharashtra.
The organization is completely connected with its promoter, the Bank of Baroda, and Union Bank of India plays a massive role in providing IndiaFirst Life Insurance Company with access to a wider network of clients and customers.
As the company prepares for its initial public offering, the management team is working even more efficiently to support the company’s growth and also to help provide new and better products to their customers.
Products or Services
The company has a different set of products for different customer profiles. Thus, both the customers and their requirements are classified into different groups.
The demographics of the retail customers are based on occupation, financial demographics, lifestyle, and any other financial goal which requires any comprehensive product.
And all these retail customers there are protects classified into four principal stages of life:
- The first stage of savings
- Personal life needs
- Career building
- Asset drawdown and long-term retirement planning
Till June 30, 2022, the company has successfully serviced about 29 retail products and 13 group products.
Promoters and Holding
The promoters of the company are:
- Bank Of Baroda
- Carmel Point Investments India Private Limited
The registrar of the IPO listing is KFin technologies limited.
Is IndiaFirst Life Insurance Company good for Investment?
The services of the organization are as per policies under the PMJJPY scheme which bounds the company to cater to the health savings Andaman needs hey retail customers.
As mentioned above the product portfolio of the company support survive a range of schemes and policies which allow every customer from different age group to fulfill their short-term and long-term financial requirements.
Also, the Mumbai-headquartered company is backed by the 3rd largest public sector bank in India Bank of Baroda, which exposes the company to larger demography and also receives support from experienced management.
Thus, simply checking the financial statements of the company, it is evident the company has been growing at a strong CAGR and has also shown an approximately 15% increase in net income in the financial year 2022 compared to the financial year 2021.
Therefore, witnessing such a growing trend has made it possible for the company to transition from a private company to a public company.
Once SEBI approves the IndiaFirst Life Insurance IPO listing documents, the company can begin releasing the relevant information so that the investors can prepare for the bidding of the shares.
IndiaFirst Life Insurance Company Financial Statements
| Amount (in INR & Million) | ||||
| 30-Jun-22 | 31-Mar-22 | Mar-21 | 31-Mar-20 | |
| Assets | 9,030.83 | 10,066.43 | 7,189.95 | 7,851.10 |
| Revenue | 7,326.03 | 72,053.09 | 65,190.84 | 35,998.07 |
| Expense | 674.13 | 4,977.47 | 1,813.96 | 2,366.81 |
| Profit After Tax | (418.27) | (2,816.20) | 301.89 | (974.15) |
The details of the financials of the company are shared in the above table. The table gets it clear indication of where the company stands in terms of its net income, assets, and liabilities.
The EBITDA of the company has been recorded as Rs. -256.72 Cr. in FY2022. However, the assets under management witnessed a growth of 8.2% over the last 3.5 financial years.
Set a new record in terms of new business individual-rated premiums in FY22. The company also has a healthy value of new business margin at 23.10% in FY22.
The main goal of the company in providing its services is to ensure that its products reach every household in India and to raise the standards of living. And to do so, they have decided to raise funds from IndiaFirst Life Insurance IPO.
| Earnings per Equity Share (in Million) | ||||
| 30-Jun-22 | 31-Mar-22 | Mar-21 | 31-Mar-20 | |
| Basic & Diluted | (0.63) | (4.24) | 0.46 | (1.55) |
IndiaFirst Life Insurance Company IPO Review
The relevant data on the IPO is yet to be publicized by the company. The only information available the company has already filed for the DRHP and has applied for a fresh issue of Rs 500 crores at the face value of Rs 10 for each share.
The funds raised from the IndiaFirst Life Insurance IPO will be partially used to pay the shareholders who have diluted their shares and the remaining be used to strengthen the product profile of the company to cater to a larger customer base.
As and when the information is shared by the company, the same will be timely updated here in this IndiaFirst Life Insurance IPO Review.
IndiaFirst Life Insurance Company IPO Details
Here are few more details you need to know before investing in IndiaFirst Life Insurance Company IPO –
IndiaFirst Life Insurance Company IPO Issue Object
The IndiaFirst Life Insurance Company has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Amendments to our Memorandum of Association
- Major Events and Milestones in the History of our Company
- Awards and Accreditations
- Time and cost overrun
- Defaults or re-scheduling/restructuring of borrowings
IndiaFirst Life Insurance Company IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- One of the fastest-growing private life insurers in India, with consistent market share gain;
- Expansive bancassurance network through two of the largest public sector banks in India, as well as rapidly
growing emerging channels; - Balanced, diversified and profitable product portfolio;
- Leading digital platform that provides a seamless experience for customers and distributors; Healthy and improving persistency metrics due to a strong brand equity and customer focus;
- Qualified and highly experienced management team with robust corporate governance and backed by marquee
investors; - Long-term value creation is driven by consistent and profitable financial performance.
Quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-22 | (4.24) | (57.09%) | 7.43 |
| 31-Mar-21 | 0.46 | 3.89% | – |
| Mar-20 | (1.53) | (13.59%) | – |
IndiaFirst Life Insurance Company IPO Lead Managers
Here are the list of Lead managers –
- HSBC Securities and Capital Markets (India) Private Limited
- Jefferies India Private Limited
- JM Financial Limited
IndiaFirst Life Insurance Company IPO Registrar to offer
Check out the details of the registrar here –
KFin Technologies Limited
(formerly known as KFin Technologies Private Limited)
Selenium, Tower B, Plot No- 31 and 32, Financial District
Nanakramguda, Serilingampally
Hyderabad, Rangareedi 500 032
Telangana, India
Tel: +91 40 6716 2222
E-mail: indiafirstlife.ipo@kfintech.com
Website: www.kfintech.com
Investor Grievance ID: einward.ris@kfintech.com
Contact Person: M Murali Krishna
SEBI Registration Number: INR000000221
IndiaFirst Life Insurance Company IPO – Other Details
- Statutory Auditor – Mehta Chokshi & Shah LLP and N S Gokhale & Company
- Legal Counsel to the Company – Cyril Amarchand Mangaldas
- Bankers to the Company – Escrow Collection Bank, Refund Bank, Public Offer Account Bank
IndiaFirst Life Insurance Company IPO Verdict by Stock Brokers
The industry in which IndiaFirst Life Insurance operates is the insurance sector. In the past 5 years, the industry witnessed a 13.9% CAGR.
Thus, as the industry does well it is bound that the companies operating in it will also show a positive growth trend.
Using such analysis and trends, the stock brokers are currently evaluating the IndiaFirst Life Insurance IPO listing, however as more information is released to the public, the better the professionals will be able to predict the IPO movement. We will keep updating the review and news regarding the IPO.
IndiaFirst Life Insurance Company IPO – Conclusion
The company is still processing the IPO listing and it might be a while before all the dates and the lot size with the price of the shares are made available to public investors.
So, investors who are interested in the IPO listing should refer to this IndiaFirst Life Insurance IPO review and use the details to perform their analysis before jumping on the bandwagon.
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IndiaFirst Life Insurance Company IPO Review FAQs
Check out the FAQs on IndiaFirst Life Insurance Company IPO –
What is the Issue Size of IndiaFirst Life Insurance Company IPO?
The Company is making an initial public offer of NA equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of IndiaFirst Life Insurance Company IPO?
The price band for this particular IPO ranges between Rs.NA to Rs.NA. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the IndiaFirst Life Insurance Company IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on NA, while the closing date is set at NA.
What is the IndiaFirst Life Insurance Company IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. Basis of Allotment finalization is on NA, refund initiation is on NA, credit of shares is on NA, and share listing date is on NA.
What is the IndiaFirst Life Insurance Company IPO Listing Date?
Shares of this company shall be listed in the exchanges NA. The date, when the listing would be done, is stagnant on NA.
Who is the Registrar of IndiaFirst Life Insurance Company IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. KFin Technologies Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of IndiaFirst Life Insurance Company IPO?
Here are the promoters of this IPO – BANK OF BARODA AND CARMEL POINT INVESTMENTS INDIA
PRIVATE LIMITED. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of IndiaFirst Life Insurance Company IPO?
They have obtained the GMP of this IPO and it is Rs.NA. Further insights of the Kostak rate and subject to sauda or SS are as well included in this report.
Is IndiaFirst Life Insurance Company IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of IndiaFirst Life Insurance Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2022 in Million is (2,816.20), 2021 is 301.89, and 2020 is (974.15). PAT from Jun 2022 is (418.27).
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