The issue is likely to open on May 4 and close on May 9.
According to reports, the offer will be available at a discount of Rs 60 for policyholders and Rs 45 for retail investors and employees.
In addition, the sale for anchor investors is likely to open on May 2.
After reservation for policyholders and shareholders, the remaining shares will be allotted in the ratio of 50 per cent to Qualified Institutional Buyers (QIBs), 35 per cent to retail and 15 per cent to non-institutional investors.
Of the share of QIBs, around 60 per cent will be reserved for anchor investors, the report said.
The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer.
The value of LIC in the IPO is Rs 6 lakh crore.
The government had in February planned to sell 5 per cent stake or 316 crore shares in the insurance sector and had filed draft documents with Sebi.
However, the IPO plans faced a backlash from the ongoing volatility in the market due to the Russo-Ukraine war.
LIC management and investment bankers will start roadshows in six cities across India – Mumbai, New Delhi, Bengaluru, Ahmedabad, Rajkot, Kolkata – where they will meet potential investors and analysts from Wednesday, one of the sources said.
The roadshow is likely to end by the end of this week. In the last two years of the COVID-19 pandemic, the physical roadshow had come to a standstill, but now with the infections subsiding, the management has decided to restart the process.
Online road shows covering investors from other sectors will also continue, the report said.
(with inputs from agencies)