Reliance Capital chairman Anil Ambani said said the company is looking to list its general insurance company, Reliance General Insurance, in the current financial year.
He was addressing the annual general meeting of Reliance Capital on Tuesday.
The company's executive director, Anmol Ambani, said Reliance Health Insurance is going to be launched in this quarter.
He further said the company is looking at identifying key emerging business areas within the financial services and financial technology space.
The company had filed draft papers with markets regulator Securities and Exchange Board of India (SEBI) for an IPO in October 2017 and had received a go-ahead for the same in November 2017.
Once listed, the general insurer will be the third private sector non-life insurance company to be listed on the exchanges. ICICI Lombard General Insurance and New India Assurance are listed on the stock markets.
The proposed IPO comprises fresh issue of little over 1.67 crore shares by the company and an offer for sale by Reliance Capital of 5.03 crore shares.
The company plans to utilise the proceeds from the fresh issue towards augmenting the solvency margin and consequently increase the solvency ratio and also to meet growth capital requirements.
As of March 2018, Reliance General's book value stood at Rs 1,250 crore. The company expects a valuation of over Rs 6,000 crore after the IPO, according to sources at its merchant bankers.
Ambani also said their health insurance company, Reliance Health Insurance, which was carved out of Reliance General Insurance, will start its standalone health operations soon.