LIC may launch $8 bn IPO on March 11

Sydney/New Delhi: A public offering of shares by India's state-run Life Insurance Corp (LIC), set to be the country's biggest ever at $8 billion, is expected to open for anchor investors on March 11, three sources with direct knowledge of the matter told Reuters.

The book will open for bidding by other investors a couple of days later, the sources said. LIC's initial public offering (IPO) is expected to obtain regulatory approval by the first week of March after which an indicative marketing price band will be set, said the sources, declining to be named as the deal discussions are private.

LIC declined to comment. A finance ministry spokesperson did not immediately respond to a Reuters request seeking comment.