, India

India state-run LIC files $8b IPO papers

India’s biggest life insurer plans to sell 5% of its shares.

The Life Insurance Corporation of India has filed draft papers with the regulator to sell 5% of its shares to potentially raise around $8b, India’s biggest initial public offering.

The offering is said to be crucial to the government’s effort to meet its sharply trimmed divestment target for the current financial year.

LIC will be selling a total of 316.25 million shares according to the draft prospectus filed last Sunday, nearly 5% of the post-offer paid up share capital.

The offering is crucial to the Narendra Modi-led government's efforts to meet its sharply trimmed divestment target for the current financial year and will provide a measure of the success of the government's pro-market policies.

India's largest insurer will be selling 316.25 million shares, according to the draft prospectus filed on Sunday, amounting to nearly 5% of the post-offer paid up share capital.

Reports said that the government could raise a little more than ₹600b Indian rupees from the issuance rather than the initial plan of ₹900b, having trimmed the offering because of market conditions.

The listing is predicted to be completed by March.

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