The much-awaited initial public offering (IPO) of Life Insurance Corporation (LIC) is likely to open on May 4 and close on May 9, 2022. LIC Board will be meeting tomorrow to give an in-principal approval to the above dates. The government will be filing the RHP on Wednesday morning with key details on the issue of price, discounts, and reservations. The LIC IPO issue size is likely to be Rs 21,000 crore, around 22.14 crore shares. The government aims to offload 3.5 percent of its holding in the insurance behemoth, subject to regulator approval. The IPO values LIC at Rs 6 lakh crore.
LIC has cut the size of IPO from 5 percent to 3.5 percent due to the market condition. A proposal to reduce the size of LIC’s IPO to 3.5 percent from 5 percent proposed in its draft red herring prospectus (DRHP) was tabled and approved at a board meeting held on Saturday.
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Last month, market regulator Securities and Exchange Board of India (SEBI) approved the initial public offering proposal of the Life Insurance Corporation of India (LIC). The company has filed the Draft Red Herring Prospectus with the market regulator Securities and Exchange Board of India (SEBI). It has time until 12 May to launch the IPO. If it is not done by 12 May, the company would be required to file fresh papers with the market regulator.
The government had initially wanted to list LIC in the last financial year that ended 31 March but had to delay the sale after the Russia-Ukraine war triggered a market rout.
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