Move comes after FM Sitharaman sharply reduced asset-sale targets at budget announcement, raising questions about how much she plans to raise from the LIC IPO.
LIC IPO is supposed to be India's biggest-ever public issue. The government plans to sell anywhere between 5-10% stake in the insurer, which could fetch it around Rs 1 lakh crore.
A knock-out listing could see LIC raise as much as $10 billion from the IPO with a minimum dilution of 5%. That would make it the third biggest globally involving an insurer.
If investors agree, LIC would join the league of India’s biggest companies — RIL and TCS — which have a market capitalisation of Rs 17 lakh crore and Rs 14.3 lakh crore, respectively.
The LIC IPO, which could raise Rs 40,000 crore-Rs 1 lakh crore this quarter, is a key item in Modi govt's economic agenda, with proceeds essential to reach a budget-deficit target.
A little over 110 firms listed their shares in Mumbai this year, raising almost $18 billion. The fees raked in by banks are more than four times the previous record in 2017.
Equity markets rally this year has encouraged at least half-a-dozen tech start-ups to seek public listings but the valuations commanded by these firms is often criticised.
Morgan Stanley has started coverage on the digital payments startup with an overweight rating and a price target of Rs 1,875, which implies 43% upside from Tuesday’s close.
India and Korea present 'phenomenal growth' potential next year, say analysts. Additionally, they expect a number of the largest unicorns in Southeast Asia to list'.
Rakesh Verma, 71, and wife Rashmi, 65, who own nearly 54% of the company post-IPO, are the latest founders to strike gold during this year’s stock market boom.
When reading the book, one can see Roy’s mother as a 'fascist government' unto herself, the centre of her own cult. In Arundhati’s words, Mary Roy was ‘mother guru’.
ED has accused Amtek promoter Arvind Dham of controlling web of nearly 500 shell companies operating as a layered structure, with up to 15 levels of indirect ownership, to divert funds.
China flaunted military might & modernisation as it displayed stealth drones, anti-satellite system & cyber warfare contingent during parade to mark victory over Japan in WWII.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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