LIC IPO: SEBI gives nod, Bankers asks govt to 'hold and not rush'

LIC IPO: After 22 days of reviewing the DRHP of the mega insurer the market regulator has given a nod but bankers asking the Govt to 'not rush into' opening the IPO amid current market conditions.

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Markets have been seeing vast swings with the Sensex gyrating between 1000 points up and down daily as the Russian aggression continues and also the overhang of an impending Fed rate hike on March 16.

Investment bank sources told ET that they have conveyed to the govt that large investors are very sceptical and even subscription to the retail portion will be a challenge because the market sentiment is very bad, it is better to wait.

The country's biggest life insurer had filed the DRHP for a 5% stake sale by the government on February 13. The issue was initially planned for this month and market experts had pegged its size at around over Rs 65,000 crore making it India's biggest IPO.