LIC expected to launch $8-bn IPO on 11 March: Report

A public offering of shares by India's state-run Life Insurance Corp (LIC), set to be the country's biggest ever at $8 billion, is expected to open for anchor investors on March 11

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LIC's IPO's is expected to obtain regulatory approval by the first week of March after which an indicative marketing price band will be set, said the sources

The insurer's IPO will be a test of the depth of capital markets in India, where equity deals worth more than a couple of billion dollars are rare.

The biggest IPO so far was worth $2.5 billion by payments company Paytm last year

LIC, filed a draft IPO prospectus on Sunday with the market regulator to sell 5% of the Indian government's stake

The government is rushing to complete the IPO by the end of March to meet its 2021/22 fiscal deficit target of 6.4% of gross domestic product (GDP)

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The government is contingent on it raising around 600 billion Indian rupees ($8.03 billion) from the issue.

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Investor roadshows for the offering, which at $8 billion is set to be the third largest insurance IPO globally, started earlier this week, as per sources

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SBI Caps, Citigroup, Nomura, JPMorgan, Goldman Sachs, along with five other domestic and international investment banks, are bookrunning lead managers for the deal

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