LIC will submit documents for IPO with SEBI next month
LIC IPO Update: The country’s largest insurance company LIC will submit documents for initial public offering (IPO) to the Securities and Exchange Board of India (SEBI) in November. An official of the Ministry of Finance gave this information. It is being described as the biggest IPO in the history of the country. The official told PTI, “Our intention is to bring the IPO in the current financial year itself. We have set a strict deadline for this. DRHP will be filed in November.
Last month, the government had approved Goldman Sachs (India) Securities Pvt Ltd. Citigroup Global Markets India Pvt Ltd. and Nomura Financial Advisory & Securities (India) Pvt. Ltd. Including 10 merchant bankers have been appointed to manage the IPO. Other bankers who have been 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 Limited.
After the filing of IPO documents, merchant bankers will organize global and domestic road shows for investors, the official said. Cyril Amarchand Mangaldas has been appointed as the legal advisor for the IPO. The government aims to get LIC 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 in July approved the IPO of LI.