Issue Highlights

• SBI Life Insurance Company Limited (SBI Life) is India’s leading private life insurance 
• At 15,625 Mn, the issue size represented 2.1% of the post issue capital 
• The issue was priced at 2.1% discount to the last close resulting in one of the tightest discounts, signifying strong investor confidence
• Dow Jones happened to fall ~7% in overnight markets, creating uncertainty in the outlook for Asian markets on the morning of launch 
• SBICAPS team rose to the occasion and stepped up its engagement with domestic and foreign institutional investors driving strong momentum in the transaction, generating   extremely strong response ensuring successful completion of the deal, being 1.96x oversubscribed in the face of one of the most challenging market conditions
• SBICAPS was the only domestic bank in a 3 bank syndicate and successfully led domestic and international institutional demand from the front
• Only issue in the last 2 years wherein the Clearing price was at a premium to the last closing price driven by strong demand from both marquee domestic and foreign institutional investors
• Success of the transaction demonstrates a clear theme of flight to high quality offerings, despite volatile markets 

SBICAPS Value Add

• Deal Strategy: First point of contact for the client on OFS preparation and regulatory issues given vast experience in handling large transactions in the BFSI sector
• Covid Challenge: Despite the challenging lockdown circumstances due to Covid, SBICAPS has extended full fledged support to the transaction and also adhered to the tight timelines 
• Execution Support: Provided end to end execution support and handheld the client throughout the OFS process – one of the SEBI-permitted methods to comply with Minimum Public Shareholding (MPS) requirements 
• Investor Demand: SBICAPS generated significant momentum in the deal by bringing in major domestic and foreign institutional investors
• Timeline: Ensured timely closure of the deal, successfully seizing on the optimal window for the launch