PNB MetLife Insurance Company India has finally received the market regulator the Securities and Exchange Board of India’s go-ahead signal to launch an IPO.

The company had approached the market regulator in the month of July seeking its clearance to float an Initial Public Offer and finally after few months, the company obtained “observations” on November 2, according to the recent update with the market watchdog.

According to the draft papers, PNB will offer around 8,04,95,242 shares and the Metlife International Holdings LLC will offer up to 12,90,36,281 stocks. This IPO will enhance the brand name of PNB MetLife India Insurance Company.

Kotak Mahindra Capital Company, Citigroup Global Markets India, PNB Investment Services and DSP Merrill Lynch would be the lead managers to this issue.

Image & Logo Credit: PNB MetLife