LIC IPO expected to open by mid-March: Report

Life Insurance Corporation, India's largest insurer, is likely to file a draft prospectus as early as end of this month and begin issuing public shares by mid-March, one government and two banking sources with direct knowledge of the matter in New Delhi and Mumbai told Reuters.

The listing of LIC is set to be India's biggest ever IPO, with the government aiming to raise up to 900 billion rupees ($12.18 billion) from its stake sale.

Officials are working on the valuation of the company which manages more than $450 billion of assets, and once that is done they will issue a draft IPO prospectus for investors, a government and two banking sources with direct knowledge of the matter said.