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India Said to Seek $203 Billion Insurer Value in Mega IPO

  • State-run LIC’s initial share sale is planned by end-March
  • Final valuation could change as bankers weigh in on prospects
Union Budget 2021 In India

Photographer: Indranil Aditya/NurPhoto/Getty Images

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India is pushing for a valuation of about 15 trillion rupees ($203 billion) for a state-owned insurer that’s soon expected to file for the nation’s biggest initial public offering, people familiar with the matter said, even as arrangers awaited a final report on the firm’s estimated worth.

The so-called embedded value of Life Insurance Corp. of India is likely to be more than 4 trillion rupees, and its market value could be about four times that amount, the people said, asking not to be identified as the discussions are private. Once the final report is in, the valuation the government is seeking could change.