LIC IPO launch date: Top developments policyholders should know
India Today
The government will take a call on the IPO of the country's largest insurer LIC in the "best interest of the investors", DIPAM Secretary Tuhin Kanta Pandey said.
When will LIC's IPO be launched? The million-dollar answer is yet to be known as a cloud of uncertainty hangs over the initial public offering of the country's largest insurer due to the ongoing Russia-Ukraine war. After the Union Budget 2022, it was expected that the much-awaited IPO of LIC would hit the market in March. However, in the wake of the share market volatility caused by the raging conflict between Moscow and Kyiv, there might be a rethink on the timing of the LIC share sale.
The government will take a call on the IPO of the country's largest insurer LIC in the "best interest of the investors", Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said.
"There are certain unanticipated events which have taken over right now. We are closely watching the market and certainly whatever the government will do, we will do in the best interest of the investors and also the IPO," Pandey said.
He also said the government's desire to come up with the IPO of the state-owned insurer this fiscal year itself. The financial year is ending on March 31.
"That is always been our desire, but now with this crisis which has come up, it is also a very dynamic situation. We are closely watching (the situation) and since you know you are dealing with the market all the time, so we have to be watchful and make our strategy accordingly," Pandey stressed.
He also said the government is guided by professional advisors and whatever decision is taken, it will be in the best interest of the investors and the stakeholders.
"LIC is not really any strategic investment but yes it is a very important event, as LIC being a very old organisation to wider public ownership. This is also one of the important objectives of the government. We have brought in several listings in the recent past like Railtel, IRCTC, among others," Pandey said.
