PNB Metlife floats Initial Public Offer

PNB MetLife India Insurance Company Limited, which is among India’s top-ten life insurance players by market share, has got regulatory approval to float an IPO (Initial Public Offering), as per report by Press Trust of India.

The company’s initial share sale comprises 495.89 million (49.58 cr) shares worth 24.64 percent stake dilution, as per draft red herring prospects filed by the company.

The issue is managed by DSP Merrill Lynch, Kotak Mahindra Capital, PNB Investment Services, and Citigroup Global Markets.

According to the report, the proposed initial share sale is a complete secondary sale by state-owned lender and majority owner PNB, JV partner MetLife, and other corporate bodies and institutional share holders.

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