Life Insurance Corporation of India (LIC) will hold a press conference today ahead of the initial public offering (IPO) on May 4, which is also the biggest IPO ever. The insurance company has fixed its price band for the Initial Public Offering (IPO). ) Feather from 902 949 per equity share.
The LIC IPO is scheduled to open on May 4 and will be open for bidders till May 9, said Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM).
size of LIC IPO It is set to be the largest ever in the country. government to increase 20,557.23 crore by selling 3.5 per cent of its equity stake or 22.13 crore shares of LIC. It approx. much lower than previously estimated 60,000 crores.
Sources said the government, which completely owns the insurance, plans to sell 3.5 per cent instead of 5 per cent, as mentioned in the last draft red herring prospectus (DRHP).
With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to sell its 3.5 per cent stake in the state-run insurance company by selling 22.13 crore shares.
While anchor investors will bid for the share sale on May 2, the issue will open for subscription by institutional and retail buyers on May 4 and close on May 9.
The government is selling 22,13,74,920 shares in Life Insurance Corporation (LIC), with a target of approx. 21,000 crores.
Up to 15,81,249 shares and 2,21,37,492 shares are reserved for employees and policyholders.
Retail investors and eligible employees will get discount 45 per equity share and policyholders will get a discount 60 per equity share.
The issue will open for subscription on May 4 and close on May 9. The bid lot for the issue will be 15.