In a notice issued on Thursday, the Department of Investment and Public Asset Management (DIPAM) has set September 16 as the last date for receiving the bids.
The government has selected 10 top global and Indian merchant banks to manage the initial public offering (IPO) of LIC of India, which is being billed as the largest in the Indian market.
Goldman Sachs, JP Morgan, Citigroup, Nomura, Bank of America Securities, JM Financial, SBI Caps, Kotak Mahindra Capital, ICICI Securities and Axis Capital will manage the IPO. They will form a syndicate and advise DIPAM on the timing and floor price for the IPO. The merchant bankers will also structure the IPO, conduct due diligence, prepare the draft red herring prospectus, and conduct pre-market surveys and roadshows.
Besides merchant bankers, the government has sought bids for appointing a legal adviser, advertising agency, registrar and share transfer agent for LIC’s public offer.
