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India's HDFC Life sets price range for $1.34 billion IPO

Staff Writer |
HDFC Standard Life Insurance's initial public offering could raise as much as 86.95 billion rupees ($1.34 billion) after the Indian insurer set a 275-290 rupees per share price range for the IPO.

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Companies have raised about $8 billion from IPOs in India so far in what is set to be a record year and HDFC Life's IPO will be the fourth to raise more than a billion dollars in 2017.

However, concerns over high valuations have meant lacklustre debuts for insurance companies that have listed.

HDFC Life's two main shareholders - Housing Development Finance Corp and Standard Life - are selling a combined 299.8 million shares in the IPO, which will be open for subscriptions from November 7 to November 9.

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