India shortlisted 10 banks, including Goldman Sachs Group Inc., JPMorgan Chase & Co. and ICICI Securities Ltd., to manage the planned initial public offering of state insurer Life Insurance Corp. of India, according to people with knowledge of the matter.
Kotak Mahindra Capital Co., JM Financial Ltd., Citigroup Inc. and Nomura Holdings Inc. are also on the shortlist, based on their technical and financial bids, after 16 investment banks presented their pitches to the government on Thursday, the people said, asking not to be identified because the information isn’t public.
The bankers haven’t yet been informed of the final decision, the people said.
Representatives for Citigroup, ICICI Securities, Goldman and JPMorgan declined to comment. Emails to the other banks weren’t immediately answered. A finance ministry spokesperson couldn’t be immediately reached for comment.
Banks are keen to work on what’s set be the nation’s biggest listing that’s
The listing could value the company at as much as $261 billion, based on its assets under management and using private sector insurers as a benchmark, analysts at Jefferies India wrote in a February note.
The bankers will start engaging with investors from September, with a listing expected between January to March, one of the people said.