Insurance sector regulator IRDA today said it is likely to come out with initial public offer (IPO) guidelines by October. "We had two meetings with the SEBI and couple of more is required (to decide on final guideline on IPO)," IRDA Chairman J Hari Narayan said at a CII event. "If I take optimistic frame probably by October, he said, when asked by when guidelines would be finalised. There are 22 life insurance firms and 21 non-life insurance companies operating in the country currently. To facilitate fair valuation of an insurance firm, the regulator is likely to come out with guidelines over the next 15 days. "Guidance note on valuation has to come from the Institute of Actuaries and this is likely to come in the next 10-15 days.