Indian law firms reluctant to advise on IPO of insurance giant LIC -sources
The Hindu
India’s plans to list state-run Life Insurance Corporation (LIC) face an unusual problem domestic law firms are shying away from advising the government, deterred by the low fees on offer at the time
India’s plans to list state-run Life Insurance Corporation (LIC) face an unusual problem domestic law firms are shying away from advising the government, deterred by the low fees on offer at the time of a lucrative boom in corporate stock listings.
With millions of policy holders and a share of 66% of newpremium collections in a crowded insurance market, LIC is a household name, managing assets of more than $450 billion.
The government is scrambling to list the insurance behemoth by March, in an exercise set to be India’s biggest IPO, at a probable $12 billion. As many as 16 global and domestic investment banks recently bid to handle it.
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