IndiaFirst Life's IPO deferred, not shelved: Rushabh Gandhi

Mumbai: IndiaFirst Life Insurance will launch its public issue within the next 18 months if it is able to consistently achieve quarterly growth that's higher than the industry's pace, newly appointed chief executive Rushabh Gandhi told ET.

Gandhi said the "IPO plan has been deferred but not shelved", and will align with market conditions, which are expected to be more favourable 18 months from now. The company's earlier attempts were hindered by regulatory and market uncertainties.

"Once we achieve stability and a strong growth trajectory, we'll return to the market, promoting our multi-year compounding growth story," said Gandhi.

The insurer aims to reach assets under management (AUM) of ₹30,000 crore and achieve double-digit growth before making its debut. IndiaFirst Life had recorded a 19.5% decline last year.

"Our shareholders are pushing for an IPO, not for capital but to ensure enhanced governance," said Gandhi. "Being listed will ensure rigorous oversight, preventing any doubts about our operations. We are aiming for long-term compounding growth, with a sharp focus on governance ensuring checks and balances at every step."

If IndiaFirst Life lists, it will be the sixth life insurer to do so.

The insurer 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, however, it decided to not proceed with the IPO plan.

"Investors wanted to see the impact of the removal of tax benefits on non-participating insurance policies exceeding ₹5 lakh and the increase in surrender charges," Gandhi said.