LIC IPO: Life Insurance Corporation of India (LIC) Rs. An initial public offering (IPO) of Rs 21,000 crore is available till May 4-9, 2022. Its per share is Rs. 902-949 is the price band.
LIC IPO: The long awaited initial public offering (IPO) of life insurance giant Life Insurance Corporation of India (LIC) will open for subscription on Wednesday, May 4, 2022.
Rs. More than Rs 21,000 crore LIC will be available for IPO subscription till Monday, May 9, 2022 and the company’s price band will be Rs. 902-949 has been determined.
LIC is the oldest and largest life insurance company in the country. It was formed on September 1, 1956 through the merger and nationalization of 245 private life insurance companies with an initial capital of Rs. Was 5 crores. LIC is now around Rs. It manages assets worth Rs 40 lakh crore and is the fifth largest life insurance company globally and the largest asset manager in the country.
As of December 31, 2021, it covers 91% of all districts and has 1.33 million individual agents, and 61.6% market share in terms of premium or GWP, 61.4% in terms of new business premium, 71.8% in terms of number of personal policies issued and 88.8 per cent in terms of number of group policies.
It is owned by the central government which will sell 22.13 crore (22,13,74,920) shares or its 3.5 per cent stake in LIC through public offering. The IPO is entirely an offer for sale (OFS) and the government has raised Rs. Plans to raise more than Rs 21,000 crore.
Due to the Russian invasion of Ukraine and continued sales by foreign portfolio investors (net of Rs. 65,000 crore to Rs. 21,000 crore and the stock markets were affected. Despite this, the LIC IPO will surpass last year’s Paytm IPO to be the largest public offering in the country at Rs. 18,300 crore.
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During the IPO announcement last week, the company offered Rs. 60 and for retail investors and LIC employees Rs. Announced a discount of 45.
Half of the issue size is reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Investors who wish to subscribe to LIC IPOs can bid in 15 equity shares and then multiples. On the upper price band, they have to pay Rs. 14,235 (excluding discounts). The stock will be listed on both the BSE as well as the National Stock Exchange (NSE).
Applicants should also note that the cut-off time for UPI order confirmation is Tuesday, May 10, 2021, at 12:00 noon. If they fail to do so their application will not be considered.
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Kotak Mahindra Capital Company, Axis Capital, Bofa Securities India, Citigroup Global Markets India, Nomura Financial Advisory and Securities India, Goldman Sachs India Securities, ICICI M&A Securities JB, ICICI Securities JP While KFin Technologies is the registrar of the issue.
Before proceeding to the IPO, the anchor portion will open for subscription today, May 2, 2022.
The allotment of shares is expected to take place on Thursday, May 12, 2022 and the shares are expected to be listed on Tuesday, May 17, 2022 as per the timeline given in the Red Herring Prospectus (RHP).