The Indian life insurer intends to raise about 654 billion rupees ($8.7 billion) through the IPO, according to people familiar with the matter.
Shares in the state-owned insurer could be priced between 2,000 and 2,100 rupees, with some retail investors set to receive rebates, the people said, asking not to be named because the deliberations are private. They added that the offering is scheduled to take place between March 10 and 14 if regulatory approvals are obtained in time.
A roadshow has already begun and pricing could change after evaluating investor interest and negotiating with the government that owns the LIC, the people said.
According to budget estimates, Prime Minister Narendra Modi’s government needs about 63,000 crore to meet its asset sale target by the end of March. India is pushing ahead with the country’s largest initial public offering, a tall order made more difficult for investors due to inflation concerns and a challenging global market.
LIC is aiming to distribute 16.940 billion pounds of shares to anchor investors on March 9, the people said.
A representative for LIC did not immediately respond to an email seeking comment.
Complete News Source : Mint
