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19 Nov 2024
Mumbai: IndiaFirst Life Insurance plans to launch its public issue within the next 18 months, contingent on achieving consistent quarterly growth surpassing the industry average, according to newly appointed CEO Rushabh Gandhi.
Gandhi clarified that the "IPO plan has been deferred but not shelved," aiming to align with market conditions anticipated to be more favorable 18 months from now.
Previous attempts were hindered by regulatory and market uncertainties.
"Once we attain stability and a robust growth trajectory, we'll revisit the market, showcasing our multi-year compounding growth story," Gandhi stated.
The insurer aims to achieve assets under management (AUM) of ₹30,000 crore and secure double-digit growth before its market debut. IndiaFirst Life experienced a 19.5% decline last year.
"Our shareholders are advocating for an IPO, not for capital, but to enhance governance," said Gandhi.
"Being listed will ensure stringent oversight, eliminating any doubts about our operations. We are targeting long-term compounding growth with a strong focus on governance to maintain checks and balances at every step."
If listed, IndiaFirst Life will be the sixth life insurer to do so.
The company had received approvals from the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority of India to list by March this year but decided against proceeding with the IPO.
"Investors wanted to assess the impact of the removal of tax benefits on non-participating insurance policies exceeding ₹5 lakh and the increase in surrender charges," Gandhi explained.
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