PNB MetLife to file for IPO by August

PNB MetLife Insurance is going ahead with its IPO plans with an aim to file by August.

According to sources, the company is looking at an offering before August 2018, making it the fourth listed life insurer in India. Last year, ICICI Prudential was the first in the sector to float its IPO. Earlier this year, SBI Life — an arm of the SBI — got listed. The latest and most successful IPO was that of HDFC Life Insurance.

The company’s IPO plans were earlier delayed on account of parent Punjab National Bank being hit by the Nirav Modi scam. The company may be valued at over INR8,000 crore and promoters are looking to realise close to Rs 2,000 crore from the sale of shares.

PNB MetLife has a market share of 2.4 percent among private life insurers and an overall market share of little over 0.7 percent going by new business premium data for FY18 released by IRDAI. The company is the tenth largest among the 23 private life insurers with a new business premium of INR1,427 crore.