Life Insurance Corporation of India's much-awaited initial public offering (IPO) may just be around the corner with the state-owned insurance company expected to file its Draft Red Herring Prospectus (DRHP) on February 11, according to CNBC-TV18 sources.

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The quantum of divestment and EV numbers will be mentioned in the DRHP. The Insurance Regulatory and Development Authority (IRDAI) has cleared LIC’s IPO proposal, CNBCTV18 has learned.

Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech announced that Life Insurance Corporation of India's (LIC) IPO is "expected shortly." The government is planning to raise up to Rs 1 lakh crore through the sale of shares in the LIC IPO, which could be India's biggest IPO to date.

Earlier in January, DIPAM Secretary Tuhin Kanta Pandey told CNBC-TV18 that the government was targeting an early March date for the LIC IPO.

Pandey had said that the LIC IPO was very important and the government's next big task.

"We are very sanguine on bringing the LIC IPO this quarter, in early March. We had had extensive consultations with IRDAI (The Insurance Regulatory and Development Authority of India) and SEBI (Securities and Exchange Board of India) on the LIC IPO," Pandey had said.

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First Published:Feb 10, 2022 10:12 AM IST