Local media has been awash with commentary about the initial public offering (IPO) of Life Insurance Corporation (LIC) after the state-owned behemoth this week submitted its draft prospectus. From a macroeconomic perspective, the IPO is likely to have a meaningful impact on the fiscal position as it should ensure the Finance Ministry hits its asset sales target. More broadly, there is the question of whether the listing of such an iconic firm heralds the start of a bigger privatisation push. But we aren’t convinced.
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