The LIC IPO will begin for anchor investors on May 2, 2022, and for retail investors on May 4, 2022. The deadline for submissions is May 9th.
The following are the specifics of the massive public offering.
The LIC IPO will begin for anchor investors on May 2, 2022, and for retail investors on May 4, 2022. The deadline for submissions is May 9.
Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), stated that LIC is on track to complete its 21,000 crore initial public offering.
He stated that the insurance behemoth intends to raise Rs 5,630 crore through a pre-IPO issuance of shares on the top price band.
"We decided to issue the LIC IPO now because of the robust anchor book, minimal volatility, and strong domestic flows, according to Mr Pandey.
"As global attitudes deteriorate, Indian markets remain resilient because to significant local inflows." We anticipate a high level of retail involvement in the IPO "Added he.
M R Kumar, Chairman of the LIC, dubbed the public offering as LIC 3.0.
The first public offering will consist of a pure offer for sale of up to 221.37 million shares. For the anchor investor part, it set aside 59.29 million shares.
The reservation part for employees is 1.58 million, while the reservation amount for policyholders is 22.14 million. The amount for qualified institutional buyers (QIB) is fixed at 98.83 million dollars.
On May 12, the basis for allotment will be determined, and on May 16, shares will be credited to Demat accounts. On May 17, the company intends to list on stock exchanges.
The pricing band for India's largest IPO, which was cut by almost 60% due to poor market conditions, had previously been set at 902-949 per share.