PNB Metlife IPO likely next fiscal

Punjab National Bank may look at listing its life insurance company next financial year and is currently in the process of selling its 4 percent of 30 percent stake in PNB Metlife.

PNB Metlife has been talking about an IPO since 2016 and the issue is necessitated by the its partner Metlife Inc’s plans to exit the company.

PNB Metlife, is a joint venture between PNB with a 30 percent shareholding, Metlife owns 26 percent, Elpro 21 percent, M Pallonji & Company 18 percent, and Jammu & Kashmir Bank owns the remaining 5 percent stake.

“We will enter the market at the right time with an IPO for PNB Metlife. Right now the market is subdued. So maybe next financial year we will hit the market,” PNB Managing Director and Chief Executive Sunil Mehta told.

When asked the amount that the bank is looking to raise from stake in PNB Housing Finance, Mehta said, “that will depend on the offers on the table. It is premature to talk about it right now.”