How big is LIC? The stunning scale of India’s biggest IPO ever
- LIC IPO: It is the biggest chunk of the government’s plan to raise 1.75 trillion rupees ($24 billion) by selling assets
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 policies and more than 1.2 million agents, 100,000 employees, 2,000 branches and 1,500 satellite offices. After a one-year delay, Prime Minister Narendra Modi’s administration is racing to sell a stake of 5% to 10% in LIC in what would be India’s biggest-ever initial public offering. A 10% stake would be the second-biggest IPO ever in the global insurance industry. One big hurdle ahead is assigning a value to a company with such a towering presence over India’s financial landscape.
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