New Delhi: At least 16 merchant bankers are in the race to manage LIC’s initial public offering, which is being touted as the biggest share sale in the country’s history.
These bankers will make a presentation before the Department of Investment and Public Asset Management (DIPAM) over two days – August 24 and August 25.
According to a DIPAM circular, seven international bankers including BNP Paribas, Citigroup Global Markets India and DSP Merrill Lynch Ltd (now known as BofA Securities) will make presentations on Tuesday.
Other bankers who will make presentations on Tuesday are Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), JP Morgan India, Nomura Financial Advisory and Securities (India).
On Wednesday, nine domestic bankers will make a presentation before officials of DIPAM, which is managing the government’s share sale in LIC.
These bankers will include Axis Capital Limited, DAM Capital Advisors Limited, HDFC Bank Limited, ICICI Securities Limited and IIFL Securities Limited.
Other bankers to make a presentation on Wednesday will be – JM Financial Ltd, Kotak Mahindra Capital Company Ltd, SBI Capital Markets Ltd and Yes Securities India Ltd.
DIPAM had sought applications for the appointment of merchant bankers on July 15. LIC IPO, intends to appoint a maximum of 10 Book Running Lead Managers to handle the initial offer as a team. The last date for bidding was August 5.
The Cabinet Committee on Economic Affairs last month approved the initial public issue proposal of Life Insurance Corporation of India.
The ministerial panel, known as the Alternative Mechanism on Strategic Disinvestment, will now decide on the quantum of stake to be disinvested by the government.
“The potential size of the IPO is expected to be much larger than any precedent in the Indian markets,” the department had said.
The government had appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the initial public offering. Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.
LIC’s listing will be crucial for the government to meet its 2021-22 (April-March) disinvestment target of Rs 1.75 lakh crore.
So far this fiscal, Rs 8,368 crore has been raised through minority stake sale in PSUs and SUUTI stake sale in Axis Bank.
These bankers will make a presentation before the Department of Investment and Public Asset Management (DIPAM) over two days – August 24 and August 25.
According to a DIPAM circular, seven international bankers including BNP Paribas, Citigroup Global Markets India and DSP Merrill Lynch Ltd (now known as BofA Securities) will make presentations on Tuesday.
Other bankers who will make presentations on Tuesday are Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), JP Morgan India, Nomura Financial Advisory and Securities (India).
On Wednesday, nine domestic bankers will make a presentation before officials of DIPAM, which is managing the government’s share sale in LIC.
These bankers will include Axis Capital Limited, DAM Capital Advisors Limited, HDFC Bank Limited, ICICI Securities Limited and IIFL Securities Limited.
Other bankers to make a presentation on Wednesday will be – JM Financial Ltd, Kotak Mahindra Capital Company Ltd, SBI Capital Markets Ltd and Yes Securities India Ltd.
DIPAM had sought applications for the appointment of merchant bankers on July 15. LIC IPO, intends to appoint a maximum of 10 Book Running Lead Managers to handle the initial offer as a team. The last date for bidding was August 5.
The Cabinet Committee on Economic Affairs last month approved the initial public issue proposal of Life Insurance Corporation of India.
The ministerial panel, known as the Alternative Mechanism on Strategic Disinvestment, will now decide on the quantum of stake to be disinvested by the government.
“The potential size of the IPO is expected to be much larger than any precedent in the Indian markets,” the department had said.
The government had appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the initial public offering. Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.
LIC’s listing will be crucial for the government to meet its 2021-22 (April-March) disinvestment target of Rs 1.75 lakh crore.
So far this fiscal, Rs 8,368 crore has been raised through minority stake sale in PSUs and SUUTI stake sale in Axis Bank.
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