The government is unlikely to come up with the IPO of Life Insurance Corporation (LIC) in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and preparatory work is still far from complete.
There are still some issues that need to be addressed with regard to the valuation of LIC, a senior official of one of the merchant bankers said. Even after the valuation, there are several regulatory processes that have concluded, the official said.
The official added that the initial public offering (IPO) requires vetting not only by the Securities and Exchange Board of India (Sebi) but also the Insurance Regulatory and Development Authority of India (Irdai) that has been headless for almost seven months.
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