Valued at $203 billion, India readies LIC IPO, its biggest ever
2 years, 11 months ago

Valued at $203 billion, India readies LIC IPO, its biggest ever

Al Jazeera  

The upcoming listing of the country’s insurer, the state-owned crown jewel, is being looked at as India’s Aramco moment. If investors agree with the $203 billion valuation sought by the government, LIC would compete against India’s biggest companies — Reliance Industries Ltd. and Tata Consultancy Services Ltd. “The Life Insurance Corporation’s IPO is an excellent development not only for India’s capital markets, but also for India’s economic growth,” said Mark Mobius, the veteran emerging-markets investor and founder of Mobius Capital Partners LLC. He said listing massive state-owned enterprises like LIC results in “an expanded market capitalization of the Indian market generally with greater liquidity, making it attractive to large investors like pension funds and endowments not only in India but abroad.” India had a bumper year for IPOs last year and a solid debut by LIC would only build on that momentum. Anshul Avijit, a national spokesperson for Indian National Congress, the largest opposition party, said in an interview that the IPO amounted to “handing over our critical resources, slowly and gradually, to a few select private hands.” He called the measure “anti-poor.” But unlike Aramco’s 2019 IPO, when Saudi Arabia leaned on wealthy citizens to buy stock after global funds balked at the kingdom’s high initial valuation, Modi’s government has lobbied for a different approach: offering as much as 10% of LIC’s IPO shares to policy holders spread across the country.

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