State-run Life Insurance Corporation of India (LIC) has filed draft papers with the market regulator to sell 5% of its shares to potentially raise nearly $8 billion, dwarfing the biggest IPO in Asia's third-largest economy by a considerable margin.
The offering is crucial to the Narendra Modi-led government's efforts to meet its sharply trimmed divestment target for the current financial year and will provide a measure of the success of the government's pro-market policies.
The IPO is seen as a test of investor appetite for new offerings, with a number of companies that listed last year now trading below their offer prices on concerns over lofty valuations and looming increases to interest rates by global central banks fighting inflationary pressures.
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