India's Life Insurance Corporation files draft papers for $8b IPO

FILE PHOTO: A bird flies past the logo of Life Insurance Corporation of India (LIC) at one of its offices in New Delhi, India September 14, 2021. REUTERS/Anushree Fadnavis

State-run Life Insurance Corporation of India (LIC) has filed draft papers with the market regulator to sell 5% of its shares to potentially raise nearly $8 billion, dwarfing the biggest IPO in Asia’s third-largest economy by a considerable margin.

The offering is crucial to the Narendra Modi-led government’s efforts to meet its sharply trimmed divestment target for the current financial year and will provide a measure of the success of the government’s pro-market policies.

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