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India’s largest insurance coverage firm Life Insurance coverage Corp (LIC) is getting ready for an IPO subsequent yr with a list worth of over $250 billion. Goldman Sachs, JPMorgan Chase, and ICICI Securities have been chosen to work on the sale.
Amongst different banks picked to work on what is ready to be India’s largest preliminary public providing are Kotak Mahindra Capital, JM Monetary, Citigroup and Nomura Holdings. They have been chosen after 16 funding corporations utilized to the nation’s authorities, which holds a inventory of LIC shares, Bloomberg reported, citing individuals aware of the matter. The knowledge, nonetheless, hasn’t been made public but and no official affirmation from the banks has been offered.
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In line with analysts at Jefferies India, based mostly on LIC’s belongings, the corporate’s IPO might quantity to $261 billion, which might prime India’s present largest listed firm, Reliance Industries Ltd, with a $183 billion market worth.
Specialists predict sturdy demand for the brand new IPO.
“The timeline seems tight given that nearly half the yr is gone… [still,] with the world awash with liquidity and only some listed insurance coverage firms in India, not like banks the place there are many selections, we must always see good demand for the IPO,” Karthik Srinivasan, senior vice-president at rankings assessor ICRA Ltd, advised Bloomberg.
The banks are set to start the itemizing preparations in September, anticipating to launch the IPO between January and March subsequent yr. India’s authorities is anticipated to promote as a lot as 10% of its LIC shares amid a broader divestment goal. It could enable overseas direct funding within the agency to attract in traders.
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In the meantime, main Indian tech firm MapmyIndia can be seeking to launch an IPO within the coming months. The mapping firm, which supplies knowledge to Apple Maps and Amazon’s Alexa, will reportedly file its itemizing software this week, aiming for an IPO valuation of about $825 million. On the peak of the pandemic final yr, MapmyIndia got here up with a Covid-19 panel, which confirmed real-time maps of containment zones, testing facilities and hospitals throughout the nation.
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