Life Insurance Corporation of India (LIC’s Initial Public Offering will open on 4th of next month for public subscription and close on 9th of May. LIC IPO will list on the share markets on 17th May.
LIC, the country’s largest life insurer, has fixed the price band of 902 to 949 rupees per Equity Share for its maiden public offer. Investors can bid for a minimum of 15 Equity Shares and in multiples of 15 Equity Shares thereafter.
The LIC has offered a discount of 45 per rupees Equity Share to Retail and Eligible Employee Category and 60 rupees per Equity Share to Policyholder Category. The Floor Price is 90.2 times the face value of the Equity Share and the Cap Price is 94.9 times the face value of the Equity Share.
With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to divest its 3.5 percent stake in the insurer by selling 22.13 crore shares.
Addressing media in New Delhi, Secretary in the Department of Investment and Public Asset Management, Tuhin Kanta Pandey said, the LIC IPO is going to be the biggest public offering in the country. He said, it is the government’s commitment of wider public participation in government’s ownership.
On the occasion, Secretary, Department of Financial Services Sanjay Malhotra said the LIC has 30 crore policyholders.