Deals
India's First Insurance IPO Paves Way for $50 Billion Industry
- HDFC to sell stake in insurance venture with Standard Life
- ICICI, State Bank tipped to seek insurance unit listings
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India will get its first life-insurance listing since it opened up to private-sector investors 16 years ago, paving the way for more companies seeking to go public in an industry that’s since grown to more than $50 billion.
Housing Development Finance Corp., the nation’s largest mortgage lender, will offer as much as a 10 percent stake in its insurance venture with U.K.’s Standard Life Plc, HDFC said in a filing April 19. The stake may be valued at about 20 billion rupees ($302 million) based on the sale this month of a holding by HDFC to its foreign partner.