LIC IPO: Govt screens 11 companies for role of transaction advisor

Presentations made on video conference to government; IPO pegged at Rs 1 trillion by some

The government has kicked off the process to launch the initial public offer (IPO) of insurance giant Life Insurance Corporation of India (LIC) — the mainstay of this financial year’s ambitious Rs 2.1-trillion disinvestment target. The Department of Investment and Public Asset Management (Dipam), the nodal agency for conducting divestments, on Friday screened 11 companies to play the pre-IPO transaction advisor’s (TA’s) role for the proposed IPO.

Citibank, CLSA, and Credit Suisse were among the foreign investment banks that applied for the role. Over half a dozen domestic firms, including Axis Capital, SBI Cards, and Edelweiss, are also in the fray.