LIC IPO: Stock Brokers’ Association To Mobilise One Crore Investors
ANMI plans to mobilise one crore investors for LIC IPO and unlock its true potential, akin to Saudi Aramco and Apple listings.
Association of National Exchanges of Members of India will mobilise 1 crore investors for the initial public offering of Life Insurance Corporation of India to unlock the true potential of the country’s crown jewel, akin to Saudi Arabian Oil Co.
In her Budget 2020 speech, Finance Minister Nirmala Sitharaman announced that the government proposes to sell a part of its holding in LIC via an IPO. The proposed listing will help the government achieve its disinvestment target of Rs 2.1 lakh crore for 2020-21.
"It would be our endeavour to mobilise one crore investors for LIC IPO and unlock the true potential of India's crown jewel, akin the Saudi Aramco in the Middle East and Apple Inc.'s listing in the U.S.," ANMI President Vijay Bhushan said.
LIC's initial share sale will be the IPO of the decade and ANMI will support government in its effort to mobilise investments, including the landmark offer, he added.
The government, at present, owns 100 percent stake in the insurer; according to market experts, LIC's valuation, post the IPO, could be around Rs 8-10 lakh crore.
Also Read: This Metric Gives LIC A Market Valuation Of Rs 9.5 Lakh Crore
Saudi Aramco, which is currently valued at $117.82 billion, was listed on Saudi Stock Exchange in December last year.
ANMI is an association comprising around 900 stock brokers from across the country who are members of the National Stock Exchange, Bombay Stock Exchange, Multi Commodity Exchange and other exchanges that have a national presence.