LIC: Govt may seek proposals from investment banks for mega IPO in June

An offering could happen as soon as March 2022, say sources

India is planning to ask for proposals from investment banks this month for the initial public offering of Life Insurance Corp. of India, according to people familiar with the matter.

The government will send out invitations in the coming weeks for the share sale of the country’s biggest insurer, said the people, who asked not to be identified as the discussions are private. An offering could happen as soon as March 2022, the people said.

Prime Minister Narendra Modi’s government is keen to go ahead with LIC’s IPO -- potentially India’s biggest -- to help plug a widening budget gap.