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Promising a strong support to the Centre in making the LIC IPO a grand success, the Association of National Exchanges Members of India (ANMI) on Saturday said that it would help mobilise 1 crore investors for the LIC IPO that is expected to hit the market this fiscal.
"It would be our endeavour to mobilise one crore investors for LIC's IPO and unlock the true potential of India's crown jewel, akin the Saudi Aramco in the Middle East and Apple's listing in the US," Vijay Bhushan, ANMI President said.
It may be recalled that the Finance Minister Nirmala Sitharaman had in her budget speech said that the Government would shed a portion of its shareholding in insurance behemoth Life Insurance Corporation through an initial public offering (IPO).
LIC's IPO –the work for which is expected to start next month—is likely to be the largest ever public float in India and ANMI will support the Government in mobilising investments under this landmark offering, Bhushan added.
The Centre has for 2020-21 set an ambitious disinvestment target of Rs 2.1 lakh crore including Rs 90,000 crore from planned exit in IDBI Bank and stake sale in LIC.
Saudi Aramco, which is currently valued at about $ 118 billion was listed in Saudi stock exchange in December last year.
ANMI is an association comprising around 900 stock brokers from across the country who are members of the National Stock Exchange, BSE, Multi Commodity Exchange and other exchanges having national presence.
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