New Delhi: As many as 16 domestic and international firms had made presentations before the Department of Investment and Public Asset Management (DIPAM) on August 26 to act as book-running lead managers (BRLMs) for the IPO — touted to be the biggest share sale in the country’s history.
The government has shortlisted 10 merchant bankers, including Goldman Sachs Group Inc., J P Morgan Chase & Co, and ICICI Securities, to manage the mega initial public offering (IPO) of the country’s largest life insurer LIC.
As many as 16 domestic and international firms had made presentations before the Department of Investment and Public Asset Management (DIPAM) on August 26 to act as book-running lead managers (BRLMs) for the IPO — touted to be the biggest share sale in the country’s history.
Goldman Sachs Group Inc, JPMorgan Chase & Co, ICICI Securities Ltd, Kotak Mahindra Capital Co, JM Financial Ltd, Citigroup Inc and Nomura Holdings Inc are among the 10 BRLMs that have been shortlisted, an official said.
With the merchant bankers in place, once the embedded valuation of LIC is arrived at, the government will go ahead and file draft IPO papers with market regulator Sebi.
Actuarial firm Milliman Advisors LLP India is working out the embedded value of LIC, while Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.
The government aims to come out with the IPO and subsequent listing of Life Insurance Corporation (LIC) on the bourses in the January-March quarter of 2022.
The government is also mulling allowing foreign investors to pick up stakes in the country’s largest insurer LIC. As per Sebi rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer.