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

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.

source : the mint

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)

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

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

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