Association of stock brokers ANMI to mobilise 10 mn investors for LIC IPO

Association of stock brokers ANMI on Saturday said it will mobilise 10 million investors for the initial public offering of insurance behemoth LIC in order to unlock the true potential of the country's crown jewel, akin to the Saudi Aramco.

Finance Minister Nirmala Sitharaman in her budget speech announced that the government proposes to sell a part of its holding in LIC through IPO.

The proposed listing will help the government in achieving its disinvestment target of Rs 2.1 trillion for 2020-21.

"It would be our endeavour to mobilise 10 million investors for LIC's IPO and unlock the true potential of India's crown jewel, akin the Saudi Aramco in the Middle East and Apple's listing in the US," Association of National Exchanges Members of India (ANMI) President Vijay Bhushan said.

LIC's initial share-sale will be the IPO of the decade and ANMI will support the government in its effort to mobilise investments, including the landamark initial offer of the insurance behemoth, he added.

Currently, the government owns the entire 100 per cent stake in LIC and according to market experts, the company can be valued at around Rs 8-10 trillion.

Saudi Aramco, which is currently valued at USD 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, BSE, Multi Commodity Exchange and other exchanges having national presence.