Life Insurance Corporation of India (LIC), is likely to file draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) by November for the largest initial public offer (IPO) in the country's history, a finance ministry official has said. Once the draft paper is filed, merchant bankers will hold global and domestic roadshows for investors by January, the official informed further.
The government last month appointed 10 merchant bankers, including Goldman Sachs (India) Securities Private Limited, Citigroup Global Markets India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited to manage the LIC initial public offer.
Other selected bankers are SBI Capital Market Limited, JM Financial Limited, Axis Capital Limited, BofA Securities, J P Morgan India Private Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited. Cyril Amarchand Mangaldas has been appointed as legal adviser for the public offer. The government is aiming to list the insurance behemoth within the current financial year.
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