India seeks $109b valuation for LIC mega IPO: report

It is slated to be the biggest IPO in the country.

India is seeking at least $109b (₹8t) for Life Insurance Corp., according to a report by Bloomberg.

The report said that the government is mulling selling a 5% to 10% stake in the company that could raise ₹400b to ₹1t.

The funds from the initial public offering will help the government’s goal to raise ₹1.75t by March.

Once the plans are pushed through, this could become the nation’s biggest IPO to date.