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HDFC Standard Life Insurance, a joint venture between India’s HDFC and Britain’s Standard Life Plc, is set to mandate four banks to manage a planned initial public offering worth up to $500 million, IFR reported on Thursday, citing people close to the deal.
HDFC Life, as India’s third-largest private-sector life insurer is known, will tap Citigroup, JPMorgan, Kotak Investment Banking and Morgan Stanley to handle the listing, expected to take place later this year, added IFR, a Thomson Reuters publication.
HDFC Life, JPMorgan, Kotak Investment Banking and Morgan Stanley did not immediately reply to a Reuters request for comment on the listing. Citigroup declined to comment.
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