A day after the filing of the draft red herring prospectus, the Life Insurance Corporation of India (LIC) has commenced formal roadshows with big-ticket global investors, seeking their participation in the country's largest public issue to date.
Capital Group, Aberdeen Asset Management, California University Endowment, Abu Dhabi Investment Authority (ADIA) and Singapore's GIC are among the funds that participated in Monday's investor roadshows, bankers and finance ministry officials told ET. Three Canadian pension funds, Standard Life, HSBC MF, and Franklin Templeton, were other participants in the roadshows being held virtually due to the Covid-19 curbs.
Some top domestic institutional investors are also participating, sources said. "We have launched roadshows formally now, although informal conversations have been happening for some time. "This is the biggest high-profile share sale ever, so we need to be 100% sure about the participation," said a source cited above.
Govt Eyes $10 Billion
"Considering the current market fall and less time available for the IPO, we wasted no time in launching roadshows," the source said. The government is aiming to raise up to $10 billion (about Rs 75,000 crore) through the LIC IPO, which is also seen as crucial to New Delhi's divestment target to meet fiscal deficit goals for FY22.