Stock Offers by Life Insurance Run India Corp (LIC), which will be the largest in this country at $ 8 billion, is expected to be opened for anchor investors on March 11, three sources with direct knowledge to Reuters.
This book will open to bid by other investors a few days later, said the source.
Public Offers of LIC (IPO) is expected to obtain regulatory approval in the first week of March after the indicative marketing ribbon will be established, the source said, decreasing to be named as a personal agreement discussion.
LIC refused to comment. Ministry of Finance spokesman did not immediately respond to Reuters request requests.
The IPO insurance company will be a capital market depth in India, where equity agreements are worth more than a few billion dollars rarely occur. The biggest IPO so far worth $ 2.5 billion by paytm payment company last year.
Lic offers will also promote appetite investors for new equity offers, with a number of Indian companies that recorded last year’s trade below offering prices on concerns over high assessment and rate hikes by the central bank.
Sources say IPO launch schedules can change, although for now the publisher works to meet the schedule.
Lic, the largest insurance company in the country, filed a draft IPO Prospectus on Sunday with market regulators to sell 5% of Indian government shares to potentially increase nearly $ 8 billion.
The source told Reuters last month that LIC could begin to issue public shares in mid-March. They don’t describe.
The government rushed to complete the IPO at the end of March to meet the 2021/22 fiscal deficit target of 6.4% of gross domestic product (GDP), which depend on it raises around 600 billion Indian rupees ($ 8.03 billion) from the issue.
New Delhi sharply cut the divestment and privatization plan for the fiscal year which ended March 31 to 780 billion rupees from 1.75 trillion.
So far he has accumulated only 120 billion rupees from betting divestments in the state-run company, including running refiner Bharat Petroleum Corp. and two banks.
Investor Roadshow for offers, which at $ 8 billion is regulated as the third largest Insurance IPO globally, starting earlier this week, said two sources.
SBI Caps, Citigroup, Nomura, JPMorgan, Goldman Sachs, along with five other domestic and international investment banks, is the main manager being beaten for the agreement.
The upcoming bidding of LIC has beaten shares in Indian insurance companies registered as investors cut their ownership to provide space for the giant owned by the state, fund managers and analysts.
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