Canara HSBC Life Insurance Company has filed for an initial public offering (IPO), with its existing shareholders looking to sell their stake.

The offer comprises of an Offer for sale of up to 237,500,000 Equity Shares of face value of Rs 10 each, (The “Offer for Sale”) including up to 137,750,000 equity shares by Canara Bank (“Promoter Selling Shareholder”); up to 4,750,000 equity shares by HSBC Insurance (Asia-Pacific) Holdings Limited (“Promoter Selling Shareholder”); and up to 95,000,000 equity shares by Punjab National Bank (“Investor Selling Shareholder”).

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Notably, Canara HSBC Life Insurance Company is a joint venture promoted by India’s state-owned Canara Bank, which owns a 51 per cent stake, and HSBC Group’s HSBC Insurance (Asia Pacific) Holdings, which holds 26 per cent.

The equity shares are proposed to be listed on the stock exchanges, BSE Limited and National Stock Exchange of India Limited.

Punjab National Bank, the company’s only other shareholder holding the remaining 23 per cent stake, plans to sell up to 95 million shares.

Notably, declaring its results, the Canara HSBC Life Insurance Company reported a profit after tax of Rs 113 crore in the fiscal year ending March 2024. This was 24.3 per cent higher than the year before, its draft prospectus showed.