PNB MetLife Insurance IPO likely in Q2FY20

PNB MetLife Insurance will be the fourth life insurer to be listed on the stock exchanges. The IPO size could be around Rs 2,800 crore valuing the company at Rs 11,000 crore.

M Saraswathy

March 06, 2019 / 18:42 IST

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The initial public offering (IPO) of private life insurer PNB MetLife Insurance is likely to come out in the second quarter of FY20. This is to ensure the issue gets a positive response from retail and institutional investors, sources told Moneycontrol.

“It is a volatile market and it makes sense to bring out the IPO at a time when investors are confident about the market prospects,” said an official.

India will have its general elections at the end of April and May 2019. The results are likely to be declared in June 2019. The company has been advised to avoid this period since foreign institutional investors tend to avoid investing during that time.

The company had filed its draft red herring prospectus (DRHP) for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) in July 2018. It received its go-ahead from the markets regulator in November 2018.

In response to a query by Moneycontrol the company said, “PNB MetLife India Insurance has filed an offer document (Draft Red Herring Prospectus) with the regulator thereby proposing an Initial Public Offering (IPO) of its equity shares subject to applicable statutory and regulatory requirements, receipt of requisite approvals, suitable market conditions and other considerations. The Book Running Lead Managers (“BRLMs”) will advise us on the timing of the IPO opening and the valuation. The size of the IPO and the valuation will only be known at the time of filing RHP with ROC.”