Govt seeks $109-bn valuation for LIC's mega IPO: Report

Modi govt is pushing ahead with LIC's IPO to help plug a widening budget gap as it aims to raise Rs 1.75 trillion by March through divestments

India is seeking a valuation of between Rs 8 trillion ($109 billion) and Rs 10 trillion for state-backed Life Insurance Corp. in what’s slated to be the nation’s biggest initial public offering.

The government is considering selling a 5%-10% stake in the company, which could raise between Rs 40,000 crore and Rs 1 trillion, according to people with knowledge of the matter, who asked not to be identified as the matter is private. 

The potential valuation is based on preliminary talks and may change after further discussions, due diligence and an official valuation report, the people said. A spokesperson for