India is gearing up for what could potentially be a slew of mega initial public offerings.Prime Minister Narendra Modi’s government surprised investors on Saturday by saying it will sell part of its stake in state-run behemoth Life Insurance Corporation of India to meet its record asset-sale target. The jumbo sale could fetch the government between Rs 850 billion ($11.9 billion) and Rs 900 billion if it gets done this year, Credit Suisse Group AG analysts led by Neelkanth Mishra wrote in a note.Meanwhile, Sameer Kalra, a strategist at Target Investing, estimates the IPO to be valued between Rs 910 billion and Rs 1.01 trillion, given an average 12-month forward price-to-earnings ratio of 30 to 35 times. “That is the range in which all the life insurance companies got listed,” he said.
