Reliance General Insurance is renewing its Rs 1,500-2,000 crore initial public offering (IPO) plan after the deadline for its previous attempt lapsed in a difficult market.

The wholly-owned unit of Reliance Capital has sought ‘revalidation’ from the Insurance Regulatory & Development Authority of India (Irda) for it, Rakesh Jain, chief executive of Reliance General Insurance, told ET. He added that the company would file a fresh DRHP (draft red herring prospectus) with the Securities & Exchange Board of India (Sebi) once the insurance regulator revalidates the plan. The earlier Sebi approval for an IPO had lapsed on November 29, 2018.

At present, India has only two general insurance companies that are publicly listed—ICICI Lombard General Insurance Company and New India Assurance. “We are in the process of readying the document... the valuations may differ as profitability has improved,” Jain said, adding that monetising Reliance General is a conscious choice by the promoter.

Reliance General is one of few insurers in the country which has no overseas partner.