Initial Public Offering (IPO) of Life Insurance Corporation will open on second of next month for anchor investors and from fourth to ninth of next month for the general public. Secretary of Department of Investment and Public Asset Management (DIPAM) Tuhin Kant Pandey said that LIC IPO will be the biggest in the country till date despite reduced offer size from five to three and half percent.
LIC officials said the entity is selling over 22.13 crore shares between 902 and 949 rupees per share. Total IPO value is set at 21,000 crore rupees. Policy holders will get a 60 rupees per share discount and retail employees and anchor investors will get a 45 rupes discount. The IPO will be listed on stock exchanges on May 17.