PNB MetLife India Insurance, which is among India's top 10 life insurers by market share, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI), to launch an initial public offering.
PNB MetLife's majority shareholder is the state owned lender Punjab National Bank. Other shareholders are American multinational insurance major MetLife and other corporate bodies and institutional shareholders.
The IPO comprises a sale of 495.89m shares by several shareholders and will represent around a 24.6% stake on a post-issue basis, the draft prospectus shows, reports Indiainfoline. This includes a sale of up to 80.5m shares by Punjab National Bank, 129m by Metlife International, 107.6m by M Pallonji & Company, 76.6m by Elpro International, 19.1m by IGE (India), 76.6m by the Jammu and Kashmir Bank, and 6.2m shares by Manimaya Holdings, the draft prospectus states. These shareholders currently own 30%, 26%, 9.98%, 12.75%, 8.58%, 5.08%, and 0.45%, respectively of the life joint venture.
The IPO has already received the approval of the IRDAI.
When the IPO is launched, PNB MetLife will become the fourth life insurance company in India to list on stock exchanges. ICICI Prudential Life became the first life insurer in India to go public when it was listed last year. The other two listed life insurers are HDFC Life and SBI Life.