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Life insurance player IndiaFirst Life to go for Rs.2,000-Cr IPO

Mint  

IndiaFirst Life Insurance Co Ltd, a Mumbai-headquartered insurance company backed by Bank of Baroda, Union Bank of India and private equity firm Warburg Pincus, is in talks with investment banks for its proposed IPO which would be largely be an offer for sale by existing investors. The IPO size could be about INR 2,000 crore. Bank of Baroda owns 65% stake in the life insurer, while Union Bank of India holds 9%. Carmel Point Investments India Pvt Ltd, a Warburg Pincus group entity, holds the rest. For the financial year ending 31 March, the company's gross premiums went up 28% from FY21 and crossed INR 5,187 crore.