LIC IPO to Meet Disinvestment Target Of the Government

LIC to offer IPO to meet the government's disinvestment targets.

Amid a showering proposal of Initial Public Offering (IPO) flowing from the financial market in India, investors are eyeing the country's biggest insurance company, Life Insurance Corporation of India (LIC). The company has proposed its plans to go public on its stocks. Major merchant banks, including US investment banks like Goldman Sachs, JP Morgan Chase & Co., and as many as 16 firms, have offered to manage the LIC IPO. The selection of IPO managers looked into their presentations before the Department of Investment and Public Asset Management (DIPAM).

LIC is India's biggest investor. It has bought shares worth $12.3 billion during the 2021 financial year. As per the 2019-2020 annual report, LIC is a major shareholder. It holds 69% in the life insurance segment.

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