Market Waiting for LIC IPO? Macquarie believes the IPO is unlikely in FY21 Updated : February 13, 2020 12:11 PM IST Macquarie believes the chances of the LIC IPO materialising in FY21 look low and there are several legal and operational challenges. The biggest problem is that in the case of LIC is that the entire surplus is in the form of 95:5 – 95 percent for policyholders and 5 percent for shareholders. Apart from this, valuation and capitalisation are also some other key challenges for the IPO. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.