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Govt may cut LIC IPO by 40 pc: Report

Govt may cut LIC IPO by 40 pc: Report

| @indiablooms | 22 Apr 2022, 06:19 pm

New Delhi: The government expects to raise Rs 30,000 crore through an initial public offering of state-owned Life Insurance Corp, almost 40 percent lower than previous estimates as the war in Ukraine mars valuations, media reports said.

According to a Bloomberg report, the officials want to complete the listing in the next two weeks and despite the dent in value, it will still be the biggest in India's IPO history.

LIC will probably be valued at some Rs 6 lakh crore, the report added citing sources.

Earlier, the government was looking to raise Rs 50,000 crore by selling as much as 7 percent of LIC but the stake sale has now been reduced to a little over 5 percent on muted demand from investors.

The Centre has time to launch the IPO till May 12 as the approvals and including the draft prospectus are valid till that date.

Business Standard newspaper had reported the revised stake sale plan earlier Friday.

The LIC IPO will surpass the listing of One 97 Communications Ltd., the operator of Paytm, which raised about 183 billion rupees in November, according to data compiled by Bloomberg.

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