PNB Metlife India IPO – Review, Allotment, Subscription, GMP Price & more

PNB Metlife India was one of the top 10 private life insurance companies in India based on total new business premium in Fiscal 2018 and is growing rapidly with a compounded annual growth rate of 19.85% in total new business premium from Fiscal 2015 to Fiscal 2018, according to CRISIL. PNB Metlife India IPO comprises of  495,898,076 Equity shares of face value Rs.10 each.

Let’s have a detailed review of the company and analytics of the PNB Metlife India IPO release date, IPO offer price, subscription, PNB Metlife India IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


PNB Metlife India IPO Review & Ratings

PNB Metlife India IPO Ratings & Review
CriteriaRatings
Industry Sentiments 8.3/10
Industry Ranking 7.3/10
Company Background7.1/10
Company Reputation7.4/10
Competitive Edge7.4/10
Financial Statements6.9/10
Popularity Index8.2/10
Promoters Reputation8.3/10
Retail Appetite 8.2/10
Top Brokers Review8.3/10
Overall Ratings 8.3/10
Star Ratings★★★★☆

Summary of PNB Metlife India IPO

PNB Metlife India IPOPNB Metlife India was one of the top 10 private life insurance companies in India based on total new business premium in Fiscal 2018 and are growing rapidly with a compounded annual growth rate of 19.85% in total new business premium from Fiscal 2015 to Fiscal 2018, according to CRISIL .Their history and relationships with MetLife and PNB have enabled them to become a strong, professionally managed company with the capabilities necessary to take advantage of significant opportunities in the fast growing Indian life insurance market.

They have a pan-India, multi-channel distribution network and a comprehensive product portfolio and provide an end-to-end customer-centric service experience. The Issue comprises of a Public Issue of  495,898,076 Equity shares of face value of Rs.10.00 each fully paid .

From FY 2014-15 to FY 2016-2017, as per the Restated Financial Statements,

From fiscal 2016 to 2017, company’s revenue from operations and net profit has increased at a growth rate of 59.75% and 52.74%, respectively.

For the period ended March 31, 2018, FY 2017-16 and FY 2016-15, its revenue from operations was Rs.1,352.88 Lakhs, Rs. 1,234.24 Lakhs  and Rs.496.77 Lakhs respectively representing growth of 59.75% from  FY 2016-17 . For the period ended March 31, 2018, FY 2017-16 and FY 2016-15 our net profit was Rs1,416.92 Lakhs, Rs. 1,034.22 Lakhs and Rs.677.11 Lakhs, respectively, representing a growth of 52.74% from the FY 2015-16 to FY 2016-17.

  • During  all the financial years there is no other income of the company. 
  • Company’s Net Profit after tax for the year 2017-18 is Rs. 1,416.92Lacs from the year 2016-17 of Rs. 1,034.22 Lacs showing an increase of 37% from last year, showing remarkable performance.

The Promoters of this company are PUNJAB NATIONAL BANK and METLIFE INTERNATIONAL HOLDINGS, LLC. The lead manager to the issue is  Kotak Mahindra Capital Company Limited, DSP Merrill Lynch Limited, Citigroup Global Markets India Private Limited and PNB Investment Services Limited and the Registrar to this issue is Link Intime India Private Limited


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PNB Metlife India IPO Date

The opening and the closing date of IPO of PNB Metlife India is not known yet.


PNB Metlife India IPO Subscription

Day / DateQIBNIIRIITotal Subscription
Day 1   
Day 2    
Day 3    
Day 4    
Day 5    

The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


PNB Metlife India IPO Allotment Status

Initial Public Offering of upto  495,898,076 Equity shares of Face Value of 10 each (The Equity Shares”) of PNB Metlife Insurance Company Limited for cash at a price not yet disclosed. Check the Allotment status later.


PNB Metlife India IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


PNB Metlife India IPO Equity Share Offering

49,58,98,076 Equity Shares of Rs 10/- each but Issue Price is yet to be disclosed.


PNB Metlife India Limited – Company Overview

PNB Metlife India was one of the top 10 private life insurance companies in India based on total new business premium in Fiscal 2018 and are growing rapidly with a compounded annual growth rate of 19.85% in total new business premium from Fiscal 2015 to Fiscal 2018, according to CRISIL .Their history and relationships with MetLife and PNB have enabled them to become a strong, professionally managed company with the capabilities necessary to take advantage of significant opportunities in the fast growing Indian life insurance market. They have a pan-India, multi-channel distribution network and a comprehensive product portfolio and provide an end-to-end customer-centric service experience. Their product portfolio covers three principal customer needs – savings, protection and pension, which in Fiscal 2018 accounted for 82.10%, 14.89% and 3.01% of our total new business premium, respectively, and 93.41%,4.09% and 2.51% of their individual new business premium, respectively.

The Company is promoted by PNB and MIHL and are the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of PNB Metlife India Limited:

  • Pan-India, multi-channel distribution network positions us to access a demographically and geographically broad customer base across India.
  • Comprehensive product portfolio addresses the diverse and evolving needs of Indian customers, and is complemented by an end-to-end customer-centric service experience.
  • Scalable platform positions us for profitable growth. 
  • Experienced management team.

Business strategies of PNB Metlife India Limited:

  • Increasing the activation of the PNB branch network and deepening our penetration of the PNB customer base.
  • Growing and diversifying our multi-channel distribution footprint to strengthen our position in various geographies and customer segments. 
  • Deliver products aligned to the diverse needs of Indian customers supported by an end-to-end customer centric service experience. 
  • Driving profitability by leveraging scale and increasing persistency.
  • Utilizing information technology and implementing digitization to drive efficiencies.

PNB Metlife India Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary:

Amount (in INR & Lakhs)
31-Mar-1831-Mar-1731-Mar-1631-Mar-1531-Mar-14
Total Assets184,470.97    164,888.75146,060.02139,709.21122,734.96
Total Revenue1,352.88  1,234.24496.77 408.61 1,837.23
Total Expense581.94 766.92 347.91 277.61 550.50
Profit After Tax1,416.92  1,034.22677.11 625.18 1,749.84

Earnings per Equity Share (in Lakhs)

31-Mar-1831-Mar-1731-Mar-16
Basic  & Diluted0.700.510.34

From the above statements, one could find that the PNB Metlife India Limited may perform well.


PNB Metlife India IPO – Promoters

The Promoter of this company are:

  1. PUNJAB NATIONAL BANK
  2. METLIFE INTERNATIONAL HOLDINGS, LLC

List of Related Parties (Key Managerial Personnel)

  • Ashish Kumar Srivastava – Interim CEO & Principal Officer (From 31/03/2017 to 30/09/2017) & Managing Director (effective from October 01, 2017)

Interest in promotion of the Company

Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters has not shown any interest in acquiring the intellectual rights of the company.


PNB Metlife India IPO Offer Details or Issue Details

 Particulars No. Of Equity Shares
 Equity Shares Offered

Offer for Sale by PNB

Offer for Sale by MIHL

Offer for Sale by MPCL

Offer for Sale by EIL 

Offer for Sale by IGE

 

 Up to 80,495,242 Equity Shares aggregating to ₹ [●] million

 Up to 129,036,281 Equity Shares aggregating to ₹ [●] million

 Up to 107,611,370 Equity Shares aggregating to ₹ [●] million

Up to 76,659,064 Equity Shares aggregating to ₹ [●] million

Up to 19,164,766 Equity Shares aggregating to ₹ [●] million

 Of which:
 Reserved for Market Makers

(i) Anchor Investor Portion

(ii) Balance available for allocation to QIBs other than Anchor Investors (assuming Anchor Investor Portion is fully subscribed)

Of which:

iii)Available for allocation to Mutual Funds only (5% of the QIB Portion (excluding the Anchor Investor Portion) 

iv)Balance of QIB Category for all QIBs including Mutual Funds (excluding the Anchor Investor Portion)

 

               i) Up to 148,769,422 Equity Shares

ii)99,179,615 Equity Shares

iii)4,958,981 Equity Shares

iv)94,220,634 Equity Shares

 Net Issue to the Public Not less than 74,384,712 Equity Shares
 Of which:
 Retail Investors Portion Not less than 173,564,327 Equity Shares
 Non-Retail Investors Portion—–
 Equity Shares outstanding prior to & after the Issue2,012,884,283 Equity Shares

PNB Metlife India IPO Issue Object

These are the IPO Issue Objects of the company-

  • to carry out the sale of up to 495,898,076 Equity Shares.
  • to enhance the “PNB MetLife” brand name and provide liquidity to the existing Shareholders.

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PNB Metlife India IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • Their pan-India, multi-channel distribution network positions us to access a demographically and geographically broad customer base across India
  • Their comprehensive product portfolio addresses the diverse and evolving needs of Indian customers, and is complemented by an end-to-end customer-centric service experience
  • Their scalable platform positions us for profitable growth 
  •  Their experienced management team

The relevant quantitative factors are:

Basic & Diluted EPSRONW (%)NAV (Rs.)
31-Mar-160.348.504.12
31-Mar-170.5111.734.64
31-Mar-180.7014.115.34
  • Industry P/E Ratio:
ParticularsP/E ratio
Average60.85
Highest89.39
Lowest35.78
  • Competitive Peers:
ParticularsFace Value (in Rs.)EPS     (In Rs.)P/E RatioRONW (%) NAV (In Rs.)
PNB Metlife India Company Limited –10 0.70   5.34   [●] 14.11%
ICICI Prudential Insurance Company Limited* Consolidated  10 11.2847.96 35.78 24.36%
SBI Life Insurance
Company*
Consolidated
10 11.50 65.28 57.37 19.05%
HDFC Life Insurance Company Limited* Consolidated 10 5.53 23.6089.39 25.83%

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PNB Metlife  India Insurance IPO Lead Managers

Lead Managers
Kotak Mahindra Capital Company Limited

DSP Merrill Lynch Limited

Citigroup Global Markets India Private Limited

PNB Investment Services Limited

PNB Metlife India IPO Registrar to offer

Registrar to the Offer
Link Intime India Private Limited
C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West)
Mumbai 400 083, Maharashtra, India
Tel: (+91) 22 4918 6200, Fax: (+91) 22 4918 6195
E-mail:
Investor Grievance Email: 
Website: www.linkintime.co.in, Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

Other Details:

  • Statutory Auditor – K. S. Aiyar & Co.
  • Peer Review Auditor – Thakur, Vaidyanath Aiyar & Co
  • Bankers to the Company – Punjab National Bank, Citi Bank N A, HDFC Bank Limited

PNB Metlife India IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.7/107.7/107.8/107.3/107.7/10
Sharekhan7.4/107.4/107.5/107.7/107.8/10
Kotak Securities7.7/107.4/107.3/107.8/107.5/10
ICICI Direct7.8/107.7/107.5/107.5/107.7/10
IIFL7.5/107.8/107.3/107.7/107.5/10
Edelweiss7.3/107.5/107.7/107.3/107.3/10
Zerodha7.7/107.3/107.7/107.5/107.7/10
5Paisa7.9/107.5/107.8/107.3/107.3/10
Karvy7.7/107.3/107.5/107.5/107.7/10
Motilal Oswal7.9/107.7/107.3/107.3/107.7/10

PNB Metlife India IPO Grey Market Premium

The PNB Metlife India IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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PNB Metlife India IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)

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