Govt to finalize investment bankers for LIC IPO

The Department of Investment and Public Asset Management (Dipam) will this week seek investment bankers for the mega initial public offer (IPO) of Life Insurance Corporation (LIC) of India with 16 book running lead managers (BRLMs) set to make presentations before a high level committee on Tuesday and Wednesday.

On Tuesday, international investment banks involving BNP Paribas, Citigroup Global Markets India Pvt. Ltd, DSP Merrill Lynch Ltd (presently known as BofA Securities), Goldman Sachs (India) Securities Pvt. Ltd, HSBC Securities and Capital Markets (India) Pvt. Ltd, J.P. Morgan India Pvt. Ltd and Nomura Financial Advisory and Securities (India) Pvt. Ltd make their virtual presentations.

On Wednesday, domestic investment bankers including Axis Capital Ltd, DAM Capital Advisors Ltd, HDFC Bank Ltd, ICICI Securities Ltd, IIFL Securities Ltd, JM Financial Ltd, Kotak Mahindra Capital Co. Ltd, SBI Capital Market Ltd and Yes Securities India Ltd will make presentations.

Last month, the Union cabinet cleared IPO of LIC, India’s biggest insurer which is expected to be listed in stock exchanges in the March quarter of this fiscal.