LIC shares will likely list on exchanges on 17 May, says top official
Premium- The much-awaited issue of the LIC IPO is set to open on May 4 and will remain open for bidders till May 9
Life Insurance Corp. (LIC) will list on stock exchanges 17 May, Department of Investment and Public Asset Management (DIPAM) Secretary said Friday, according to media reports.
The government plans to sell 22.1 crore shares, or a 3.5% stake, at ₹902 to ₹949 price band each in LIC’s IPO. The offering opens for anchor investors on May 2.
About 10% of the shares are reserved for LIC policyholders who will be able to buy them at a discount to the issue price. Retail investors can also buy shares at a discount.
Bloomberg reported that Sovereign wealth funds from Norway, Singapore and Abu Dhabi have committed to be anchor investors in the initial public offering of LIC.
MINT PREMIUM See All
Even if it’s priced at the bottom end of the range, LIC will still be India’s largest-ever IPO, surpassing the ₹18,300 crore sale by Paytm, the operator of Paytm.