IPO News: The Central Government has identified companies to manage the Initial Public Offer (IPO) of Life Insurance Corporation (LIC), the country’s largest insurance company. The government has selected 10 merchant bankers including Goldman Sachs Group Inc., JP Morgan Chase & Co and ICICI Securities for this. To play the role of Book Running Lead Manager (BRLM) for this IPO of LIC, 10 domestic and international companies made a presentation before the Department of Investment and Public Asset Management (DIPAM) on 26 August.
This IPO of LIC is being told as the biggest IPO in the history of the country. According to a top government official, "A total of 10 BRLMs including Goldman Sachs Group Inc., JP Morgan Chase & Company, ICICI Securities Ltd., Kotak Mahindra Capital Company, JM Financial Ltd., Citigroup Inc. and Nomura Holdings Inc. have been selected to manage the IPO."
Milliman Advisors Revealing IPO’s Underlying Value
After the selection of merchant bankers, the underlying value of LIC’s IPO is being worked out. After these valuations come out, the government will go ahead with the IPO and submit the documents to the Securities and Exchange Board of India (SEBI). The actuarial company Milliman Advisors LLP India is working to find the underlying value of LIC.