The government has said the initial public offer of Life Insurance Corporation would be “larger than any precedent”.

The Centre on Thursday called for Request for Proposals (RFPs) to appoint merchant bankers, legal advisers, registrar & share transfer agents and advertisement agencies for the offering.

“The potential size of the IPO is expected to be larger than any precedent in Indian markets. In order to achieve a successful IPO, it is the endeavour of the GoI to attract investment from institutional investors, both domestic and global, in addition to the retail investors,” said the RFQ document released by the Department of Investment and Public Asset Management (DIPAM).

The last date for the bid submission is August 5 and bids will open on August 6.

The RFQ documents have mentioned that the listing of shares of LIC on bourses would entail a part-sale of the government’s stake in LIC. But there is no mention of the percentage of the shares to be offloaded.

“The percentage of paid-up equity to be issued/divested as part of the IPO will be determined based on the post-issue capital of LIC calculated in consonance with clause 19 (2) of the Securities Contracts (Regulation) Rules, 1957 (SCRR). A part of the public offering may be reserved for employees and policyholders of LIC,” the introduction to the documents mentioned.

“Not more than one bid shall be submitted by one bidder or bidders having business relationship,” the official circular said.