Roadshows

The funds that participated in this roadshow on Monday included Capital Group, Aberdeen Asset Management, California University Endowment, Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC

The Life Insurance Corporation of India (LIC) on Monday commenced formal roadshows with big-ticket global investors, seeking their participation in the country’s largest public issue to date, according to a report by The Economic Times.

The funds that participated in this roadshow on Monday included Capital Group, Aberdeen Asset Management, California University Endowment, Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC. In addition to these funds, three Canadian pension funds also participated: Standard Life, HSBC MF, and Franklin Templeton. The roadshow was held virtually due to Covid-19 curbs. 

The government aims to raise about Rs 75,000 crore through LIC’s Initial Public Offering (IPO), which would be crucial in meeting its divestment target for FY22.

According to the draft red herring prospectus (DRHP) filed on Sunday with SEBI, the government will sell 5 per cent in the public issue, and around 31.6 crore shares will be on offer.

Among the banks managing the share sale include JP Morgan, Goldman Sachs, Bank of America Securities, SBI Capital Markets, Kotak Mahindra, Citi Group, Axis Bank, Nomura, and ICICI Securities JM Financial.

The IPO would be a 100% offer for sale (OFS) by the government of India, and the LIC will make no fresh issue of shares, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said on Sunday.