New Delhi: Association of stock brokers
on Saturday said it will
mobilise
one
crore
investors
for the initial public offering of insurance behemoth
LIC in order
to unlock the true potential of the country's crown jewel, akin
to the Saudi Aramco.
Finance Minister
Nirmala Sitharaman in her budget speech announced that the
government proposes
to sell a part of its holding in LIC through
IPO.
The proposed listing will help the government in achieving its disinvestment target of Rs 2.1 lakh
crore
for 2020-21.
"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," Association of National Exchanges Members of India (
ANMI) President Vijay Bhushan said.
LIC'
s initial share-sale will be the
IPO of the decade and
ANMI will support the government in its effort
to
mobilise investments, including the landamark initial offer of the insurance behemoth, he added.
Currently, the government owns the entire 100 per cent stake in LIC and according
to market experts, the company can be valued at around Rs 8-10 lakh
crore.
Saudi Aramco, which is currently valued at USD 117.82 billion, was listed on 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