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LIC IPO: Govt screens 11 companies for role of transaction advisor

Presentations made on video conference to government; IPO pegged at Rs 1 trillion by some

LIC
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LIC’s IPO is expected to be by far the biggest in the domestic capital markets

Samie Modak Mumbai
The government has kicked off the process to launch the initial public offer (IPO) of insurance giant Life Insurance Corporation of India (LIC) — the mainstay of this financial year’s ambitious Rs 2.1-trillion disinvestment target. The Department of Investment and Public Asset Management (Dipam), the nodal agency for conducting divestments, on Friday screened 11 companies to play the pre-IPO transaction advisor’s (TA’s) role for the proposed IPO.

Citibank, CLSA, and Credit Suisse were among the foreign investment banks that applied for the role. Over half a dozen domestic firms, including Axis Capital, SBI Cards, and Edelweiss, are also in the fray.