India begins the privatisation of its huge life-insurance company
But is the country’s largest-ever IPO a dud?
IN 1956, AS part of its experiment with embracing socialism, India created the Life Insurance Company of India (LIC) by nationalising and lumping together 245 firms. The experiment took a while to conclude. In 2000 India allowed private firms to sell life insurance again. Two decades later it is selling a 3.5% sliver of LIC on the public market, a first step in what is intended to be a full privatisation. Orders will be taken from investors between May 4th and May 9th. Trading is due to commence on May 17th.
This article appeared in the Finance & economics section of the print edition under the headline “Selling off the piggy bank”
Finance & economics May 7th 2022
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