Canara HSBC Life Insurance Company Files for Initial Public Offering
Canara HSBC Life Insurance Company, a joint venture between Canara Bank and HSBC Group, has filed for an initial public offering (IPO), according to draft papers. The insurance firm manages over ₹40,000 crore ($4.7 billion) in assets.
The IPO will involve the sale of existing shares by the company’s shareholders, with no fresh shares to be issued. Canara Bank, which owns 51% of the company, plans to sell up to 137.75 million shares. HSBC Insurance (Asia-Pacific) Holdings, holding 26%, will sell up to 4.75 million shares. Punjab National Bank (PNBK.NS), the remaining 23% shareholder, intends to sell up to 95 million shares.
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The listing comes amid rising global market volatility, driven by US tariff flip-flops, which is forcing companies to adjust their IPO plans. Despite India being the world’s second-largest IPO market by proceeds in 2024, listings are down nearly 15% this year, according to LSEG data.
Canara HSBC Life Insurance Company reported a 24.3% increase in profit after tax to ₹113 crore for the fiscal year ending March 2024, compared to the previous year. However, revenue was marginally lower by 1% over the same period. The company has not yet released results for fiscal 2025.
This is the second IPO by a Canara Bank-backed company recently, following the filing by Canara Robeco Asset Management Company last week.
