As many as sixteen leading merchant bankers are in the race to manage the initial public offering of LIC which is considered to be the biggest share sale in the country's history. These bankers will be making a presentation before the Department of Investment and Public Asset Management (DIPAM) spread over 2 days -- August 24 and 25.
Seven international bankers, including BNP Paribas, Citigroup Global Markets India and DSP Merrill Lynch Ltd (now known as BofA Securities), will make presentations on Tuesday, as per a circular by DIPAM. Other bankers that will be making presentations on Tuesday are -- Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), JP Morgan India, Nomura Financial Advisory and Securities (India).
On Wednesday, nine domestic bankers will make a presentation before the officials of DIPAM, which is managing the government's share sale in LIC. These bankers will include Axis Capital Ltd, DAM Capital Advisors Ltd, HDFC Bank Ltd, ICICI Securities Ltd and IIFL Securities Ltd. Other bankers making a presentation on Wednesday will be -- JM Financial Ltd, Kotak Mahindra Capital Co Ltd, SBI Capital Market Ltd, and Yes Securities India Ltd. DIPAM had on July 15 invited application for appointment of merchant bankers for LIC IPO, looking to appoint up to 10 Book Running Lead Managers to handle the initial offering as a team. The last date for bidding was August 5.
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