Govt floats Request for Proposal to appoint intermediaries for mega LIC IPO

Merchant bankers, and registrar and share transfer agents will have to submit their bids by August 5

The government has floated tenders to appoint book running lead managers, legal advisers, registrar and advertising agency for the initial public offering (IPO) of Life Insurance Corporation of India (LIC), touted to be India’s largest. 

The listing of LIC’s shares on exchanges would involve part-sale of government’s stake in the insurer, and to raise fresh equity share capital, the Department of Investment and Public Asset Management (DIPAM) said in the Request for Proposal (RFP) inviting bids from intermediaries. 

A part of the public offering may be reserved for employees and policyholders of LIC, it said. In the Budget, the government