16 merchant bankers in race for managing LIC IPO – Times of India

NEW DELHI: As many as 16 service provider bankers are within the race to handle the preliminary public providing of LIC — touted to be the most important share sale within the nation’s historical past.
These bankers will likely be making a presentation earlier than the Division of Funding and Public Asset Administration (DIPAM) unfold over 2 days — August 24 and 25.
Seven worldwide bankers, together with BNP Paribas, Citigroup World Markets India and DSP Merrill Lynch Ltd (now generally known as BofA Securities), will make shows on Tuesday, as per a round by DIPAM.
Different bankers that will likely be making shows on Tuesday are — Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), JP Morgan India, Nomura Monetary Advisory and Securities (India).
On Wednesday, 9 home bankers will make a presentation earlier than the officers of DIPAM, which is managing the federal government’s share sale in LIC.
These bankers will embody Axis Capital Ltd, DAM Capital Advisors Ltd, HDFC Financial institution Ltd, ICICI Securities Ltd and IIFL Securities Ltd.
Different bankers making a presentation on Wednesday will likely be — JM Monetary Ltd, Kotak Mahindra Capital Co Ltd, SBI Capital Market Ltd, and Sure Securities India Ltd.
DIPAM had on July 15 invited software for appointment of service provider bankers for LIC IPO, seeking to appoint as much as 10 E-book Operating Lead Managers to deal with the preliminary providing as a group. The final date for bidding was August 5.
The Cupboard Committee on Financial Affairs had final month cleared the preliminary public providing proposal of Life Insurance coverage Corp of India.
The ministerial panel generally known as the Various Mechanism on Strategic Disinvestment will now resolve on the quantum of stake to be divested by the federal government.
“The potential dimension of the IPO is anticipated to be far bigger than any precedent in Indian markets,” the division had mentioned.
The federal government had earlier appointed actuarial agency Milliman Advisors LLP India to evaluate the embedded worth of LIC forward of the preliminary public providing. Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.
The itemizing of LIC will likely be essential for the federal government in assembly its disinvestment goal of Rs 1.75 lakh crore for 2021-22 (April-March).
To this point this fiscal, Rs 8,368 crore has been mopped up by minority stake gross sales in PSU and the sale of SUUTI stake in Axis Financial institution.

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