LIC IPO to open on May 2 for anchor investors, May 4 for general public
IPO would have Rs 60 discount for policy holders
IPO would have Rs 60 discount for policy holders
IPO would have Rs 60 discount for policy holders
IPO would have Rs 60 discount for policy holders
LIC has fixed the price band at Rs 902-949 per share for its Rs 21,000 crore IPO. The IPO issue will open for anchor investors on May 2 and will continue from May 4 to 9 for the general public.
LIC announced the plan for the mega IPO, the largest in India's history, at a press conference on Wednesday. DIPAM secretary Tuhin Kanta Pandey noted the “LIC IPO will not crowd out capital and monetary supply in the market.”
He said the LIC IPO is “right sized” given the constraints in the market. Pandey noted the government was calling the IPO as “LIC 3.0 phase”. LIC chairman M.R. Kumar noted the IPO would have Rs 60 discount for policy holders and Rs 45 discount for retail investors and employees.
Pandey explained the decision to list LIC now was taken given market demand and stabilising of market conditions. “The employee reservation portion will be 5 per cent of the post-offer equity share capital, and the policyholder reservation portion will be 10 per cent of the offer size,” NDTV reported.
NDTV reported “public issue size at the lowered ₹ 21,000 crore will be larger than the amount mobilised from the IPO of Paytm in 2021—which is the largest ever currently at ₹ 18,300 crore, followed by Coal India (2010) at nearly ₹ 15,500 crore and Reliance Power (2008) at ₹ 11,700 crore.”