LIC IPO: Waiting for LIC’s IPO will end soon, company will apply in SEBI next month


LIC IPO: The wait for the initial public offering (IPO) of the country’s largest insurance company LIC is going to end soon. The company will submit documents for its IPO with the Securities and Exchange Board of India (SEBI) in November. An official of the Ministry of Finance has given this information. This IPO of LIC is being described as the biggest IPO in the history of the country so far.

The Finance Ministry official told PTI, “Our intention is to bring this IPO in the current financial year itself. We have set a strict deadline for this. DRHP for this will be filed in November.” Last month, 10 merchant bankers including Goldman Sachs (India) Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd were appointed to manage this IPO of LIC. The bankers selected include SBI Capital Markets Ltd., JM Financial Ltd., Axis Capital Ltd., BofA Securities, JP Morgan India Pvt. Ltd., ICICI Securities Ltd. and Kotak Mahindra Capital Company Ltd..

Global and domestic road shows to be organized for merchant banker investors

The Finance Ministry official also said that, “After the filing of IPO documents, merchant bankers will organize global and domestic road shows for investors. Cyril Amarchand Mangaldas has been appointed as legal advisor for this IPO. Government’s target LIC has to be listed by the end of the current financial year. The government has appointed actuarial company Milliman Advisors LLP India to work out the underlying value of LIC. The government is also considering allowing foreign investors to acquire stake in the country’s largest insurance company. The Cabinet Committee on Economic Affairs (CCEA) had approved this IPO of LIC in July.

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