New Delhi: Preparations are in full swing to bring the Initial Public Offering (IPO) of Life Insurance Corporation of India i.e. LIC. This is being called the biggest share sale in the history of the country. Now the central government has selected 10 merchant banks to manage LIC’s mega IPO. Let us inform you that 16 merchant bankers were involved in this race, which included 7 global and 9 domestic banks.
The selected 10 banks include Goldman Sachs, Citigroup, Kotak Mahindra Capital, and SBI Capital. Apart from these, JM Financial Limited, Axis Capital, Nomura, BofA Securities, JP Morgan India Private Limited, and ICICI Securities have been selected to manage the IPO of LIC.
The government expects to raise Rs 80,000-90,000 crore by selling its stake in LIC. By March 2022, the government has to raise Rs 1.75 lakh crore from disinvestment. Under this scheme, the government is reducing its stake in LIC.
LIC is the largest insurance company in the country
LIC is the largest insurance company in the country. It has assets of about Rs 34 lakh crore. Its subsidiary is based in Singapore while it has joint ventures in Bahrain, Kenya, Sri Lanka, Nepal, Saudi Arabia, and Bangladesh.
The size of an IPO is bigger than any issue that came before
A source with knowledge of the matter said, “The size of this IPO will be bigger than any issue that came before. In the coming months, the government is going to conduct roadshows across the world for this issue to attract more and more investors.
