Saturday, July 2, 2022

The LIC countdown has begun. The IPO process has begun, and the company will submit documentation to SEBI next month

In November, the country’s largest insurance business (LIC) will file documents with SEBI for an initial public offering (IPO).

In November, the country’s largest insurance firm (LIC) will file documents with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). This information was provided by a Ministry of Finance official.

‘Our objective is to introduce the IPO in the current financial year alone,’ the person told PTI. For this, we’ve set a rigorous timeline. In November, the DRHP will be filed. The government hired ten merchant bankers to manage the IPO last month, including Goldman Sachs (India) Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd, and Nomura Financial Advisory and Securities (India) Pvt Ltd.

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SBI Capital Markets Limited, JM Financial Limited, Axis Capital Limited, BofA Securities, JP Morgan India Private Limited, ICICI Securities Limited, and Kotak Mahindra Capital Company Limited are among the other banks that have been chosen.

According to the official, merchant bankers will organise worldwide and domestic road shows for investors after the IPO filings are filed. Cyril Amarchand Mangaldas has been named as the IPO’s legal advisor.

The government has tasked actuarial firm Milliman Advisors LLP India with determining the LIC’s underlying value. Foreign investors may be allowed to buy a stake in the country’s largest insurance firm, according to the government. The IPO of LI was approved by the Cabinet Committee on Economic Affairs (CCEA) in July.

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