LIC IPO: Banks get just 0.06% of proceeds to handle India's largest float

According to LIC's final offer document, the company shelled out just Rs 11.8 cr as payment to book running lead managers, or 9.9% of total issue expenses

The government had to pay just 0.06 per cent of the proceeds to investment bankers for handling the mega share sale of Life Insurance Corporation of India (LIC). According to the final offer document filed by LIC, the company shelled out just Rs 11.8 crore as payment to book running lead managers (BRLMs). This was 9.9 per cent of the total issue expense of nearly Rs 120 crore and 0.06 per cent of total IPO proceeds of Rs 20,557 crore. The IPO was entirely a secondary share sale by the government, which diluted 3.5 per cent of its holding in