Trusted by millions and with enormous reach across the country, the LIC is second only to bank deposits as a haven of savings in India.
The IPO, initially planned for February, was postponed because of the Ukraine war and the outflow of institutional funds from the stock market. Since January,5%, was scaled down to 3.5%.
Speaking to CNBC, former chief economic advisor to the government of India, Arvind Virmani, dismissed talk of the IPO being badly timed. The complexity and scale of the LIC IPO signals the government's intent to go one step further than previous governments.Speaking to CNBC, deputy director at Carnegie India, Suyash Rai, said the LIC IPO gives domestic and foreign investors an opportunity to invest in a firm that controls about two-thirds of the life insurance market in India. He said while the listing is a "continuation of a decades old policy of listing public sector financial firms," LIC still stands out.
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