LIC Likely To Launch Its IPO In Early March; Sale Of Odisha’s Neelachal Ispat In Final Stage

New Delhi: The big ticket initial public offering (IPO) of the Life Insurance Corporation (LIC) is likely to be launched in March this year.

The Central government is almost ready for the launch of the biggest IPO which has been awaited by the investors for a long time. “We are very sanguine about bringing the LIC IPO in early March,” a news agency quoted Tuhin Kanta Pandey, secretary, Department of Investment and Public Asset Management (DIPAM) as saying.

The government is planning to raise Rs 80,000 crore to 1 lakh crore by selling its shares in the LIC to make up the fiscal deficit.

The last biggest IPO was Rs 18,300 crore that was raised by payments company Paytm in November. The LIC, which has the lion’s share of the life insurance market in India, posted a net profit of Rs 1,437 crore over its half year for financial year 2022.

Meanwhile, the government is also finalising its move for sale of Neelachal Ispat Nigam Limited. The sale is going to be closed in a matter of days, Pandey said.

In December last year, the government received financial bids for strategic bids for the Odisha-based company that produces iron and steel.