The country's second largest private sector life insurance company SBI Life today invited proposals from merchant bankers and law firms for selection of book running lead managers for the proposed inital public offering.
SBI Life will be the second life insurance company to list. ICICI Prudential life Insurance was the first insurer to list in September 2016.
Last month, the board of State Bank of India had approved 10% stake sale in SBI Life. The company is a joint venture between State Bank of India (SBI), the country's biggest lender, and BNP Paribas Cardif.
In December 2016, State Bank of India had sold 39 million shares in SBI Life to KKR and Temasek at Rs 460 apiece, valuing the company at Rs 46,000 crore.
After the last deal, SBI owns 70.1% while BNP Paribas holds 26% and remaining with KKR and Temasek.
SBI Life saw highest growth among large life insurers registering 42% growth in total new business premium to Rs 10,145 crore, aided by sales in regular premium policies and group individual policies. The insurer becomes the first private sector life insurer to cross Rs 10,000 crore of new business income.