India's SBI life insurance co Ltd. is going to launch its Initial Public Offering ( IPO) probably next week to raise as much as $ 1.3 billion, one of the source told Reuters, it will be the country's first billion-dollar IPO in seven years.

State Bank of India which is a subsidiary of top Indian lender will open the IPO sale for the public on September 20 and will close it on September 22 as per the filing was done. Two of the sources have said that the pricing range will be from 685 rupees to 700 rupees a piece.

The IPO will raise as much as 84 billion rupees ($1.3 billion) there will be two main shareholders for SBI Life's - State Bank of India and BNP Paribas Cardif - which are paring their stakes. SBI is selling up to an eight percent stake and 80 million shares, in SBI life, on the other hand, BNP Paribas Cardif is selling up to four percent stake and 40 million shares.

It is the biggest IPO since state-run coal India's 155 billion rupees where as, the participants expect 2017 to be a record -setting year for India, with the fund raising from IPO exceeding 2010's $8.5 billion.

According to Thomson Reuters data, country has already seen more than $3 billion in IPOs this year, The ICICI Lombard General Insurance Co Ltd's IPO raised up to $890 million besides, the state-run reinsurer general insurance crop of India and non-life insurer new India assurance co ltd. have their IPOs with the total of more than $3 billion.

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