MUMBAI: India is embarking on the blockbuster listing of the country’s largest insurer as part of a wider privatization drive to bolster public coffers drained by the coronavirus pandemic and fund new infrastructure.
While the pricing has not yet been set, analysts expect the IPO of the Life Insurance Corporation of India (LIC) to be India’s largest to date, potentially earning the government more than $10 billion.
After the listing, which is expected in March, LIC will be one of India’s biggest publicly listed companies alongside giants such as Reliance and TCS.