Budget will most likely include a timeline for the LIC IPO
- ByStartupStory | January 17, 2022
As the state-run insurer prepares to publish the draught red herring prospectus (DRHP) for its initial public offering, Life Insurance Corporation of India is preparing its financial figures for the December quarter as well as data on assets under management.
It intends to submit the DRHP this month, and sources aware with the plans say the most recent financial statistics will have to be included in the initial prospectus to allow foreign investors, particularly those from the United States, to participate.
A person involved in the deliberations said, “Things are on the right track and we should be able to file the DRHP before the end of the month, which will give us enough time to complete the issue before the end of the fiscal”
The government, as the only owner of LIC, plans to raise more than Rs 1 lakh crore from the share sale, more than five times the amount raised by financial services giant Paytm’s parent One97 Communications in its IPO a few months ago, which was India’s largest to date.
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