Market regulator Securities and Exchange Board of India, or SEBI, has approved the Life Insurance Corporation of India’s initial public offering, PTI reported.

This move will help the government to gain approximately Rs 63,000 crore to meet the current fiscal year’s divestment target of Rs 65,000 crore.

The government is expecting to sell a 5% stake or 31.6 crore shares through the initial public offering to meet its goals.

An initial public offering, or IPO, is a process in which companies offer shares to the public by issuing new stocks.

At the end of the initial public offering process, the company gets listed on the stock exchange and is allowed to raise capital from public investors.

Once listed, the Life Insurance Corporation IPO would be the biggest offering on the Indian stock market.

Paytm’s Rs 18,300-crore IPO, which was opened for subscription in September, has been the largest in the Indian capital market to date.