Merchant bankers appointed by the Union government have been asked to draw up a list of large investors that may act as anchor investors in the initial public offering (IPO) of Life Insurance Corporation of India (LIC), according to officials privy to the matter. The IPO, touted to be India's largest, may need heavy lifting from anchor investors as the government is likely to seek a higher valuation for the insurer.
With LIC all set to file its draft red herring prospectus (DRHP), government-appointed merchant bankers have been asked to approach large investors. In some cases, engagement with such investors has already started as the IPO process is targeted to be completed by the end of this financial year, said an official.
Goldman Sachs (India) Securities, Citigroup Global Markets India, Nomura Financial Advisory and Securities India, SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital are the merchant bankers assisting the government in LIC's initial offering.
This story is from the January 17, 2022 edition of Business Standard.
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This story is from the January 17, 2022 edition of Business Standard.
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