LIC to file draft IPO papers with Sebi
India’s largest insurer LIC is likely to file draft papers with Sebi by November for the largest IPO in country's history, a finance ministry official has said.
image for illustrative purpose
New Delhi: India's largest insurer LIC is likely to file draft papers with Sebi by November for the largest IPO in country's history, a finance ministry official has said.
"We target to bring the IPO within this fiscal and we have set strict timelines. The DRHP would be filed by November," the official told PTI.
The government last month appointed 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 to manage the mega initial public offering of country's largest insurer LIC.
The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs1.75 lakh crore for 2021-22 (April-March). So far this fiscal, Rs9,110 crore has been mopped up through minority stake sales in PSU and sale of SUUTI stake in Axis Bank.
Other selected bankers include SBI Capital Market Ltd, JM Financial Ltd, Axis Capital Ltd, BofA Securities, J P Morgan India Pvt Ltd, ICICI Securities Ltd, and Kotak Mahindra Capital Co Ltd.
Once the draft red herring prospectus (DRHP) is filed, merchant bankers will hold global and domestic road shows for investors by January, the official said.
