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SBI Life Insurance to come out with IPO

 SBI Life Insurance Co is launching its IPO, which is expected to be the first billion-dollar initial public offering since 2010. The IPO will begin on 20 September and close on 22 September. The shares will begin trading 3 October. The offer is in a price range of Rs 685-Rs 700. The sale is expected to raise Rs 84 billion from the company’s main shareholders – SBI and BNP Paribas Cardif – which are paring their stakes. SBI Life will be the third insurance company in the country to get listed. The IPO is expected to surpass Coal India’s Rs 155 billion ($2.4 billion) IPO in 2010. Meanwhile, two other insurance companies, ICICI Lombard General Insurance Co and HDFC Standard Life Insurance are also expected to tap the markets. This may be followed by two other big insurer listings – state-run reinsurer General Insurance Corp of India (GIC Re) and non-life insurer New India Assurance Co.

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