Sixteen merchant bankers apply for LIC IPO
Sixteen merchant bankers are in the fray to manage the mega IPO of Life Insurance Corporation.
The bankers will be making presentations before the department of investment and public asset management (Dipam) over the next two days — August 24 and 25.
Among those in the fray, seven international bankers, including BNP Paribas, Citigroup Global Markets India and DSP Merrill Lynch Ltd (now known as BofA Securities), will make their presentations on Tuesday, according to a circular by Dipam.
Other bankers to make their presentations on Tuesday are Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), JP Morgan India, Nomura Financial Advisory and Securities (India).
On Wednesday, nine domestic bankers, including Axis Capital Ltd, DAM Capital Advisors Ltd, HDFC Bank Ltd, ICICI Securities Ltd and IIFL Securities Ltd, will make their presentations.
Merchant bankers will be required to structure the IPO according to Sebi’s prevailing framework. They will also be required to undertake due diligence activities and prepare the draft red herring prospectus.