Canara HSBC Life IPO, a strategic joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) (26%), and Punjab National Bank (23%), is preparing for one of the most anticipated IPOs in the insurance sector. The public offering is scheduled from October 10 to October 14, 2025, with anchor investor bids opening a day before, on October 9, 2025. The price band for the issue is ₹100 to ₹106 per share, which would place the valuation of the company at close to ₹10,000 crore at the upper end. Importantly, this IPO is a complete Offer-for-Sale (OFS) transaction, with no fresh capital infusion—existing shareholders will sell their equity holdings to investors. The OFS is sized at 23.75 crore equity shares, including 13.77 crore shares from Canara Bank, 4.75 lakh shares from HSBC, and 9.50 crore shares from PNB. The allocation of shares is divided as 50% to Qualified Institutional Buyers (QIBs), 35% to retail investors, and 15% to Non-Institutional Investors (NIIs). Retail participants must apply in multiples of 140 shares, making the minimum investment roughly ₹14,840 at the top price band. The company has already secured strong anchor support, raising around ₹750 crore through anchor allocations, with funds such as ICICI Prudential MF, HDFC MF, and others being significant participants. Investors are watching IPO GMP closely; early indications show positive premium in the grey market, suggesting healthy expectations for listing gains. Canara HSBC distributes its life insurance portfolio largely through bancassurance, leveraging the branch networks of Canara Bank and PNB, supplemented by digital and agency channels. Post IPO, the company plans to expand distribution, launch newer life and health insurance products, and deepen its penetration in under-served markets. The listing is expected to follow allotment and share credit procedures, positioning the IPO as a marquee offering in India’s insurance and capital markets.