The underlying value of the state-run Life Insurance Corporation of India (LIC) has been finalized at more over 5 trillion rupees ($66.82 billion), according to a government official managing what is likely to be the country’s largest IPO on Thursday.

Investors are eagerly awaiting the government’s announcement of the LIC’s embedded value – a measure of future cash flows in life insurance companies and the key financial gauge for insurers – when it releases the draft prospectus for the initial public offering (IPO), which is expected in a matter of days.

While the sum has been speculated about in Indian media, ranging from $53 billion to $150 billion, this is the first time the government, which owns 100% of LIC, has spoken on the topic.

The inherent value will aid in determining the market price of LIC and how much money the government earns through the float. This will be critical for the government to accomplish its divestment objectives and keep the budget deficit under control.

“I’d estimate the embedded value may be more than 5 trillion rupees, and the enterprise value would be multiples of that,” Tuhin Kanta Pandey, secretary, divestment, told Reuters in an interview.

According to media sources in India, the LIC’s market price is expected to be roughly four times its embedded value.

The inherent value will aid in determining the market price of LIC and how much money the government earns through the float. This will be critical for the government to accomplish its divestment objectives and keep the budget deficit under control.

“I’d estimate the embedded value may be more than 5 trillion rupees, and the enterprise value would be multiples of that,” Tuhin Kanta Pandey, secretary, divestment, told Reuters in an interview.

According to media sources in India, the LIC’s market price is expected to be roughly four times its embedded value.