New Delhi Starting the process of disinvestment of LIC, the Finance Ministry on Friday invited bids from consulting firms, investment bankers and financial institutions to advise the government on the proposed initial public offer (IPO). The government has proposed to engage two pre-IPO transaction advisors to assist the Department of Investment and Public Asset Management (DIPAM) in the initial processes for the IPO of Life Insurance Corporation of India.
The Finance Ministry said in the RFP to engage the former IPO transaction advisors, ‘Two pre-IPO transactions from reputed professional consulting firms / investment bankers / merchant bankers / financial institutions to facilitate / assist DIPAM in the initial processes of government LIC’s IPO. Proposes to engage advisors. ‘ Advisers can submit their bids from Friday to 13 July 2020. The bid will be opened by DIPAM on 14 July.
The ministry said in the RFP, ‘The advisor will ensure the initial aspects of the proposed IPO and will advise and assist the government on the modalities and timing of the IPO. He will advise and assist in structuring transactions, organizing non-deal roadshows, suggesting ways to bring optimal prices and the status of minority sales, etc.
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The consultant should have experience in IPO, strategic disinvestment, strategic sales, M&A activities and private equity investment transactions etc. for at least three years.
The ministry said in the RFP, ‘The bidders should advise, complete or handle at least one transaction of an IPO of size of Rs 5,000 crore or more between April 1, 2017 to March 31, 2020 or during this period by the bidder. Between 15,000 crore or more capital market transactions have been managed.
