Life Insurance Corporation (LIC), India’s largest insurer, may publish key details of its mega initial public offering (IPO) this month and start issuing public shares by mid-March, government and banking officials said on Thursday. told Reuters.
LIC’s listing is set to become India’s biggest IPO ever, with the government aiming to raise $12.2 billion through stake sale.
Officials are working on valuing the company that manages more than $450 billion in assets, and once that is done they will issue a draft IPO prospectus to investors, a government and two with direct knowledge of the matter. banking sources said.
“As soon as the final embedded price is communicated, we will be ready to file the draft prospectus and we are working with a deadline to do so by the end of the month,” said one of the banking sources.
Embedded value, a measure of future cash flows in life insurance companies and the key financial gauge for insurers, will determine LIC’s final valuation.
The finance ministry and LIC did not immediately respond to email requests seeking comment on the timeline. Embedded Price was expected to come out in November.
LIC has a majority share in the life insurance market in India and the government expects the IPO to help bridge the deficit gap this financial year. The listing will bring more transparency in the functioning of the government company.
The insurance giant also has a subsidiary in Singapore and joint ventures in Bahrain, Kenya, Sri Lanka, Nepal, Saudi Arabia and Bangladesh. Read also: Sensex climbs 85 points; Nifty 18,250. closed over
“The roadshow is expected to start from next month and is expected to be all virtual considering the current scenario,” said the source. Read also: LIC invests, mutual funds increase stake in this healthcare firm; Have you invested?
Last year, the government appointed ten investment banks, including Goldman Sachs, Citigroup and SBI Capital Markets, to handle the offering. Read also:
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