Why LIC IPO is the biggest?

LIC accounted for 61-71% of total new business market share as at 9MFY20. For FY19, its share in industry AUM (assets under management) was 78% being Rs 31 lakh crore; LIC alone is biggest than the entire mutual fund industry. Also, it has a vast network of 1.2 million agents. After listing, LICs market cap is estimated to be Rs. 12 lakh crore pushing RIL (market cap of Rs 9.4 lakh crore) to second slot.