ICICI Pru not keen on IPO now: CEO Bakshi

Posted By: Pti
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Mumbai, Feb 22 (PTI) Even as the sectoral regulatorIrda has said that IPO guidelines will be out within the next45 days, leading private sector insurer, ICICI PrudentialLife, today said it is not very keen on hitting the capitalmarket soon.

"We are not very keen on going in for an IPO (initialpublic offering) as we don�t need to raise any capital now. Weare, in fact, very well capitalised," ICICI Prudential LifeManaging Director and Chief Executive, Sandeep Bakshi, toldPTI here today.

However, speaking at a roundtable on the last day ofthe 13th Global Conference on Actuaries here, he said, IPOwill be good for the industry as it will help companies arriveat better price discoveries.

Yesterday, Insurance Regulatory and DevelopmentAuthority Member-Actuaries, R Kannan, had said that theregulator will issue the IPO guidelines within the next 30-45days.

When asked specifically does that mean it would not beissued within this fiscal, he had shot back asking,"is thereany company waiting at our doors with the IPO prospectus?"

ICICI Pru Actuarial Head Sunil Sharma said, "oursolvency level is over 300 per cent against the regulatoryrequirement of 150 per cent. So we don�t need capital by wayof divesting our stake in the market." .

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