India is looking forward to seek around Rs 50,000 crore ($6.6 billion) next month from the initial public offering of state-owned Life Insurance Corp.
The government and its advisers are considering seeking a valuation of about 1.25 to 1.5 times LIC’s embedded value, the people said. Officials are still discussing potential terms of the offering, and the fund-raising target could still change, the people said.
So far, the amount mobilised from IPO of Paytm in 2021 was the largest ever at ₹18,300 crore, followed by Coal India (2010) at nearly ₹15,500 crore and Reliance Power (2008) at ₹11,700 crore.
LIC IPO has been put off to May and later amid volatile markets in the wake of Russia-Ukraine conflict. Disinvestment secretary Tuhin Kanta Pandey had earlier said that there is strong investor interest for the state-run company’s offer, but Centre will proceed with the IPO only when it is confident of successful listing.