Life Insurance Corporation’s initial public offering, IPO, for anchor investors will open today. For general public, it will open from 4th to 9th May. LIC IPO will be listed on the share markets on 17th May.
LIC, the country’s largest life insurer, has fixed the price band of 902 to 949 rupees per Equity Share for its maiden public offer. Investors can bid for a minimum of 15 Equity Shares and in multiples of 15 Equity Shares thereafter. The LIC has offered a discount of 45 per rupees Equity Share to Retail and Eligible Employee Category and 60 rupees per Equity Share to Policyholder Category. The Floor Price is 90.2 times the face value of the Equity Share and the Cap Price is 94.9 times the face value of the Equity Share.
With this IPO, which is through an offer-for-sale route, the government is looking to divest its 3.5 percent stake in the insurer by selling 22.13 crore shares.
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