Bigger isn’t always better. Life Insurance Corp of India’s eagerly awaited initial public offering prospectus arrived on Sunday and underscores its unrivalled reach with more to like. Even so, Prime Minister Narendra Modi’s sale of the century deserves a healthy discount.
Up to 10% of LIC shares on offer are reserved for policyholders, inducting millions of first-time Indian investors just as expected U.S. interest rate hikes could roil markets. Taking a conservative view on price would be prudent.- Life Insurance Corp of India on Feb. 13 filed for an initial public offering. The company will issue up to 316.2 million shares, equivalent to 5% of total post-offer shares.
- As much as 10% of the offer will be reserved for LIC policyholders and up to 5% for employees; both groups may receive an unspecified discount on the price. - LIC’s investments in listed equities amount to roughly 8 trillion rupees , about 4% of the National Stock Exchange’s total market capitalisation.
- The insurer is being advised by 10 banks: Kotak Mahindra, Axis Capital, Citigroup, Bank of America, Nomura, Goldman Sachs, ICICI, JM Financial, JPMorgan and SBI Capital.Editing by Jeffrey Goldfarb and Katrina HamlinSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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