A year ago, a multi-structure merger transaction between HDFC Life Insurance and Max Life had aimed to create the largest private sector insurer, and it pinned a valuation of Rs45,000 crore on HDFC Life alone.
Today, that deal has fallen through, but HDFC Life, the third largest private sector insurer, is going ahead with an initial public offering (IPO). Its promoters would want its valuation to remain close to what the merger had envisaged, if not higher.
