January 12, 2022
State-owned Life Insurance Corp. of India, with its distinctive blue and yellow logo, is ubiquitous across Asia‘s third-largest economy. LIC controls two-thirds of the Indian market with almost 300 million policiesand more than 1.2 million agents, 100,000 employees, 2,000 branches and 1,500 satellite offices. After a one-year delay, controversial Prime Minister Narendra Modi’s administration is racing to sell a stake of 5% to 10%in LIC in what would be Indias biggest-ever initial public offering. A 10% stake would be the second-biggest IPO ever in the global insurance industry.
From adjusting capital-markets rules to sending phone messages and publishing newspaper advertisements, authorities and executives are leaving no stone unturned to ensure it is a success.
The IPO — which could raise between 400 billion rupees ($5.4 billion) and 1 trillion rupees this quarter – is a key Modi priority, with proceeds from the state-run insurer badly needed to fund spending.
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