Indian Government to Launch LIC IPO as Early as May

India's largest and oldest insurance company Life Insurance Corporation of India's (LIC's) IPO is expected to be launched in May, sources told CNBC-TV18 on April 5.

The government is currently dealing with bankers and financial advisors on the red herring prospectus (RHP).

An RHP is an offer document filed by a company with the capital markets regulator Securities and Exchange Board of India (SEBI) ahead of a public listing.

It's expected that more than 5% of LIC's stake will be offered through the said Initial Public Offering (IPO).

As per a news report by Bloomberg, the government is trying to raise about Rs 50,000 crore ($6.6 billion) from the public offering of LICI.

The IPO-bound LICI had booked a profit of Rs 29,102 crore from the sale of investments in the first six months of the current financial year.

Source: Moneycontrol