MUMBAI : Eighteen investment banks are competing to manage the initial public offering (IPO) of Life Insurance Corp. of India, which is set to be the biggest share sale in the country, three people aware of the selection process said. Up to 10 banks will be selected for the IPO, the department of investment and public asset management (Dipam) had said while inviting bids. Banks also have to indicate the valuation approaches to be followed in determining the IPO price, along with an estimated value. The brokerage will be 0.35% on allotment to retail investors, 0.15% on allotment to non-institutional investors and 0.25% on allotment to eligible staff or policyholders out of quota reserved for them. Mint reported in June that in the run-up to the LIC IPO, the government plans to bring in a clutch of anchor investors to invest up to ₹25,000 crore in LIC’s shares.

Source: Mint August 10, 2021 18:44 UTC