Sebi clears LIC IPO, final call this week - Times of India

Sebi clears LIC IPO, final call this week – Times of India


MUMBAI: Life insurance major LIC has received clearance from markets regulator Sebi for its IPO, for which it had filed the prospectus on February 13. The nod from the regulator came within a month of the filing, making it one of the fastest such permissions.
According to sources, the government, the LIC management and the merchant bankers are now expected to meet this week to take a final call on the issue. In her Budget speech, FM Nirmala Sitharaman had announced that the IPO — through which the government is divesting 5% of its stake to mop up an estimated Rs 70,000 crore — will be complete before the end of the current fiscal. However, the FM had hinted at delaying the offer earlier this month after the global markets turned volatile due to the Russia-Ukraine war.The LIC IPO is almost certain to be the biggest such offer in India’s history. So far, the Rs 18,300-crore IPO for Paytm, which closed in mid-November, was the biggest such offer in India. Earlier, sources had told TOI that the government was expecting a valuation of about Rs 14 lakh crore.
Since LIC filed its offer document with Sebi last month, its top management had been meeting global and domestic fund managers virtually to apprise them about the company, the proposed offer and the insurer’s future prospects. According to merchant bankers, the LIC management made presentations over the last few weeks to almost all the large- and mid-sized foreign and domestic investors.


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