Securities and Exchange Board of India (SEBI) has given the green light to the initial public offering (IPO) of government-backed Life Insurance Corporation of India (LIC), media reports said.

This news comes amid rising geopolitical tensions caused by Russia’s invasion of Ukraine from land, sea, and air.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The invasion was followed by unprecedented financial sanctions on Russia from the US and its allies that have rattled global markets.  

Last month, LIC filed its papers with the SEBI to raise around $8bn by the end of this fiscal year.

The regulator’s approvals for public offers are valid for 12 months from the date of the regulator’s final observation.

However, the Indian government may review the timing of the IPO as the Ukraine crisis deepens.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Ideally, I would like to go ahead with it, because it is something we have planned for some time purely based on Indian considerations. But now, if global considerations warrant that I need to look at it, I would not mind looking at it again,” Finance Minister Nirmala Sitharaman had said in an interview last week.

The government plans to sell a 5% stake or 316.25 million shares of the life insurer and has approved up to 20% foreign direct investment in it.

Earlier this week, Mint reported that foreign institutional investors’ (FIIs) participation in LIC’s IPO is also facing a roadblock amid the Ukraine conflict.

LIC is yet to decide the price band for its IPO, the proceeds of which are to be used to meet India’s revenue targets for this fiscal year.