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Business EconomyPosted at: Apr 27 2022 2:38PM


LIC's Rs 21,000 cr IPO set to open on May 4

Mumbai, April 27 (UNI) State-run insurance behemoth Life Insurance Corporation (LIC) on Wednesday said that the initial public offering to raise around Rs 21,000 crore will open on May 4.
The price band for the much-awaited IPO, which will close on May 9, has been set at Rs 902-949, with a discount of Rs 60 for policyholders and Rs 45 for retail and employees.
The government is looking to divest 3.5 per cent stake or 22,13,74,920 shares in the LIC, of which up to 15,81,249 shares and 2,21,37,492 shares are reserved for employees and policyholders, respectively.
Over 9.88 crore shares are reserved for Qualified Institutional Buyers (QIBs) and over 2.96 crore shares for non-institutional buyers.
"The IPO is right sized. Even after the reduced size of Rs 21,000 crore, the LIC IPO will initially be the biggest ever IPO in the country. We are expecting a significant retail participation," DIPAM Secretary Tuhin Kanta Pandey told reporters here.
He further said that this IPO will not crowd out capital and monetary supply, given the current environmental constraints and that it will enhance value for investors in the long term.
Pandey added that the government wants to champion LIC as a long-term value creator in the equity market.
Speaking on the occasion, LIC Chairman MR Kumar said, "The valuation is based on the circumstances and need of listing. The further dilution by the government in LIC is still to be discussed. It is unlikely that we will divest more in the near future. Over a period of time, we should be able to reach a private industry margin of 20-25 percent."
Pandey added that the government is not going to bring in any other FPO for LIC in the next one year.
When asked about LIC's stake in IDBI, Pandey said, "Both LIC and the government have decided to cede management control from IDBI Bank. Process for this has been set into motion."
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