World's leading investors including Blackstone, BlackRock, Abu Dhabi Investment Authority (ADIA) and Government of Singapore Investment Corporation have reportedly held preliminary discussions regarding anchor book allocations in the proposed initial public offering (IPO) of Indian insurance giant Life Insurance Corporation (LIC).
Further, Canadian pension funds including CPPIB and CDPQ, California University Endowment, Brookfield and Kuwait Investment Authority will hold discussions this week and early next week.
The government is likely to sell up to 10 per cent of its stake in LIC through the IPO as well as primary issuance of new shares.
The IPO-bound insurance giant is likely to be valued at around $110 billion after share sale, which is reportedly expected to be launched in January-March quarter.
The government has hired Goldman Sachs, JP Morgan, Citigroup, Nomura, Bank of America Securities, JM Financial, SBI Caps, Kotak Mahindra Capital, ICICI Securities and Axis Capital to manage the share sale.
The 10 investment banks managing the issue are reaching out to as many as 100 top global fund managers, sovereign and pension money managers and private equity funds, reports Economic Times.
"On LIC IPO, we are working very hard. For the capital market, it will be a very big event in the first quarter of 2022," DIPAM secretary Tuhin Kanta Pandey was quoted as saying earlier this month.
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