Life Insurance Corporation has fixed the price band at Rs 902-949 per share for the Rs 21,000 crore public offer that is likely to open on May 4. LIC would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees.
The issue is likely to open for subscription on May 4 and is expected to close on May 9.
Notably, LIC IPO is witnessing huge demand for its shares from anchor investors, according to a report by Hindustan Times. The report said the LIC IPO has received investment commitments worth Rs 13,000 crore more than twice the value of shares reserved for anchor investors.
Touted as India’s biggest IPO, the government was earlier planning to raise Rs 63,000 crore via LIC IPO. The LIC IPO was earlier supposed to be taken place on March 11, to meet the disinvestment target of Rs 78,000 crore for FY2022.
However, the IPO plans faced headwinds due to the ongoing market volatility amid the Russia-Ukraine war.
In February, LIC had filed draft papers with Sebi wherein it had said that the government will sell 5 per cent stake or 31.6 crore shares in the state-run insurer. Last week, the government decided to lower the issue size to 3.5 per cent.
(With Inputs From PTI)