Report: LIC Expected to start $8 Billion IPO for anchor investors on March 11

Touted as the country's biggest-ever IPO at $8 billion, India's state-run Life Insurance Corporation (LIC) is expected to open for anchor investors on March 11, three sources with direct knowledge of the matter told news agency Reuters. As per the updates, the book for bidding will open by other investors a couple of days later.

Moreover, the initial public offering (IPO) by LIC is expected to obtain regulatory approval by the first week of March after which an indicative marketing price band will be set, the report suggested.

However, LIC declined to comment on the matter. On the other hand, a finance ministry spokesperson did not immediately respond to a Reuters request seeking comment on the matter.

The reports also claimed that the LIC IPO launch schedule could change, though for now the issuer was working to meet the timelines.

The share of the LIC could be priced between Rs 2,000 to Rs 2,100 each, reported Bloomberg on Wednesday.

In this matter the pricing could change after assessing investor appetite and discussions with the government, the Bloomberg report further added.