LIC IPO likely in March
New DelhiL The government will launch the mega public offer of LIC by March and file draft papers with market regulator Sebi by the end of this month, an official said.
Finance Minister Nirmala Sitharaman had last week reviewed the progress of the initial public offering (IPO) of Life Insurance Corporation (LIC) in a meeting with top officials of the ministry. The official said the September 2021 quarter financials of LIC are getting finalised as well as fund bifurcation is in progress.
"We are hopeful of filing the DRHP (draft red-herring prospectus) with Sebi by month-end or early-February. One thing is for sure that IPO will come before the end of the current fiscal," the official told PTI. LIC IPO is crucial for meeting the Rs1.75-lakh crore disinvestment target set for the current financial year ended March 2022. So far this fiscal, Rs9,330 crore has been mopped up through PSU disinvestment.
The government in September last year 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.