CPPIB, GIC among anchor investors in SBI Life's offering

Sovereign and pension funds, PE firms and insurance firms lap 60% of IPO shares; mutual funds take the rest

SBI Life Insurance Company has raised Rs 2,226 crore ($346 million) from anchor investors, including Canada Pension Plan Investment Board (CPPIB) and the sovereign wealth funds of Singapore, Abu Dhabi, Kuwait and Norway. 

The insurer, a joint venture between State Bank of India and BNP Paribas Cardif, sold 31.8 million shares to a bunch of anchor investors at Rs 700 each, ahead of its initial public offering of equity (IPO) which opened on Wednesday and will close on Friday.

CPPIB took 2.24 million shares (7.05 per cent of those allotted to anchor investors). Singapore wealth fund GIC Pte bought almost