LIC Likely To Launch $8 Billion IPO On March 11: Report

The state-run Life India Corporation (LIC) is likely opening its initial public offering (IPO) of shares for anchor investors on March 11. The IPO will be available for other investors after a couple of days.

LIC had submitted its draft paper for its IPO on February 13, 2022, with Sebi, capital market regulator. As per the market rumours the size of the share sale could be about Rs 65,400 crore at a price band of Rs 2,000-2,100 a piece. However, LIC has denied the rumours of the issue date and the IPO size.

As per the draft red herring prospectus (DRHP), up to 31.62 crore equity shares will be on offer through the offer for sale (OFS), representing 5 per cent of the equity stake of Life Insurance Corporation of India.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet on Sunday that the proposed IPO will be a 100 per cent offer for sale by the government and there will be no issue of fresh shares by Life Insurance Corporation of India.

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