DIPAM

DIPAM invites transaction advisors bids for LIC IPO

DIPAM invites transaction advisors bids for LIC IPO:

To begin with, the DIPAM has requested bids for transaction advisors for LIC initial public offering. It inviting bids from consulting firms, merchant bankers, and financial institutions to give suggestions to the government on LIC IPO. 

Moreover, the LIC IPO wants to be the largest public offer in the Indian stock market. To achieve that position, the government wants to engage two pre-IPO transaction advisors. Due to the effect of COVID-19, most of the divestment plans such as Air India, BPCL, and Concor has stopped.

As per the sources, in this financial year, the BPCL and Air India bid process have postponed 2 times. On June 19th update, for the LIC IPO, the last date of transaction advisors bids on July 13th.

Additionally, the subscription will start on July 14th according to the RFP. Furthermore, the transaction advisor should manage over Rs. 5,000 cr worth of IPOs from the last 3 years. 

Also, the advisor needs to have a minimum of 3 years’ experience in IPO advisory services or strategic disinvestment or sale or M&A activities or private equity investment. The RFP said that previously the bidder needs advice an Rs. 5,000 cr worth IPO during the time of April 2017 to March 2020.

Instead of that IPO, even the bidder should handle a market capital transaction of Rs. 15,000 cr in that period. Additionally, the government of India plans to list LIC IPO during the January to March quarter in this financial year. 

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