LIC IPO DRHP Live Updates: Life Insurance Corporation (LIC) may file the Draft Red Herring Prospectus (DRHP) for its IPO today, according to market participants. Reports suggest LIC’s board will meet today to finalise the details of the IPO, and eventually file papers with the market regulator SEBI. The street is eyeing details including the issue size, OFS, and various investor quotas. Earlier this week Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told the Financial Express that LIC could file the draft IPO papers by Thursday or Friday. The embedded value of LIC was finalised a week ago at over Rs 5 lakh crore. The public issue may help the government reach its revised divestment target of Rs 78,000 crore, cut down from the initial target of Rs 1.75 lakh crore. LIC’s IPO is expected to hit the street before the end of this fiscal year.
Earlier last week, the state-run Life Insurance Corporation of India’s (LIC) embedded value was finalised at more than Rs 5 lakh crore ($66.82 billion).
LIC's DRHP will inform Dalal Street of how much the company is looking to raise from the primary market and what portion of it will be a fresh issue and how much will be the OFS portion.
LIC's new business premium market share stands at 66% currently. The closest to LIC's behemoth market share are HDFC Life and SBI Life with 7% market share each.
LIC may file the draft IPO papers with SEBI today. Market participants expect the state-run company to finalise its offer and seek SEBI's nod as it gears up for the largest IPO for domestic markets.
