The government today said insurance behemoth Life Insurance Corporation's (LIC) Initial Public Offering (IPO) will likely be listed on May 17, while also expressing confidence in the successful listing of the country's biggest issue.
Secretary in the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey said the LIC IPO will be listed on May 17, subject to regulatory approvals.
On the reduced size of the offer, Pandey said, "This is the right size considering the current market situation. With even the reduced size, the LIC IPO is the biggest in the history of the Indian equity market."
The government is hopeful of a successful listing on the back of strong investor interest. "Considering the anchor book demand, and domestic demand, we feel we will be able to carry on with the IPO. Government is committed to wider public ownership of the government corporations," Pandey said.
The anchor book for the IPO will close on Monday.
Pandey said the government wanted to bring out the LIC IPO in March itself. Due to the Ukraine crisis, it was kept in abeyance, he added.
On the stake dilution in public sector firms, Pandey said, "LIC listing is a part of a long-term strategy. Current IPO is the first step in long term value creation. It is just the beginning."