The country’s largest insurer LIC is likely to file draft papers with Sebi by November for the largest IPO in the country’s history, a finance ministry official has said.

“We target to bring the IPO within this fiscal and we have set strict timelines. The DRHP would be filed by November,” the official said.

The government last month appointed 10 merchant bankers, including Goldman Sachs (India) Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd to manage the mega initial public offering of country’s largest insurer LIC.

Other selected bankers include SBI Capital Market Ltd, JM Financial Ltd, Axis Capital Ltd, BofA Securities, J P Morgan India Pvt Ltd, ICICI Securities Ltd, and Kotak Mahindra Capital Co Ltd.

Once the draft red herring prospectus is filed, merchant bankers will hold global and domestic road shows for investors by January, the official said.

Cyril Amarchand Mangaldas has been appointed as legal advisor for the IPO.

The government is aiming to list the insurance behemoth within the current financial year ending March.

The ministry is in the process of estimating the embedded value of the life insurer and once that is done the ministerial panel on disinvestment will decide on the government stake that will be divested through IPO, the official said.

The government has appointed actuarial firm Milliman Advisors LLP India to compute the embedded value of LIC ahead of the initial public offering.