HDFC Life IPO may happen in mid-2016: Keki Mistry

In August, HDFC had announced that Standard Life will increase its stake in the JV, HDFC Life, to 35 per cent from the current level of 26 per cent.

HDFC is likely to go for public listing of its life insurance subsidiary in mid-2016 once its joint venture partner Standard Life hikes stake to 35 per cent, HDFC CEO Keki Mistry said on Monday.

In August, HDFC had announced that Standard Life will increase its stake in the JV, HDFC Life, to 35 per cent from the current level of 26 per cent.

“They (Standard Life) will buy 9 per cent of shares from us. For that 9 per cent the application has been made to FIPB recently, and also IRDAI (the regulator) has come out with some changes that are required in the shareholders’ agreement, which is currently being worked on,” Mistry told reporters in Mumbai yesterday.

“My sense is once this transaction is complete, we will look at an initial public offering (IPO). Therefore, an IPO will not happen in 2015 for sure, but somewhere in the middle of 2016,” he said.