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LIC’s IPO will be confirmed by the end of March, draft paper will be filed by the end of January: Officials

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LIC IPO: Initial Public Offer (IPO) of Life Insurance Corporation of India ie LIC will come by March. A senior government official associated with this matter gave this information to news agency PTI. The official said that the IPO of LIC will come by March and the draft paper will be submitted to the market regulator SEBI by the end of January for its approval.

The official further said that at present the financial data of LIC for the July-September 2021 quarter is being finalized. Apart from this, the process of fund division is also going on. “We expect to submit the draft paper related to the IPO with SEBI by the end of this month. It is certain that LIC’s IPO will come by the end of the current financial year,” the official said.

The government has set a target of raising Rs 1.75 lakh crore through disinvestment in the current financial year and LIC’s IPO is considered very important to achieve this goal. The government has so far raised only Rs 9,330 crore from disinvestment of several PSUs in this financial year.

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The state-owned LIC is the largest insurance company in the country. To bring the IPO of LIC, the government had appointed 10 merchant bankers in September last. These include Goldman Sachs, Citigroup and Nomura. Cyril Amarchand Mangaldas was appointed as legal advisor.

Earlier reports had come that the government is seeking a valuation of Rs 15 lakh crore for LIC. If investors agree with the government’s proposed calculations, LIC will join the league of India’s biggest companies with a valuation of around Rs 15 lakh crore.

Right now Reliance Industries Limited (RIL) and Tata Consultancy Services (TCS) are the largest companies in India with market valuations of Rs 17 lakh crore and Rs 14.3 lakh crore respectively. The final report on determining the estimated value of LIC is yet to come.

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Usama Younus

Usama Younus is the owner and super admin of the site he's is an expert in news editing, tech and entertainment magazine management, and articles editing E.T.C.

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