LIC's IPO, India's Biggest, To Open May 4, Price Band Rs 902-949: Sources

The Life Insurance Corporation's (LIC) long-awaited public situation supply, India's largest, might be within the value band of Rs 902-949, with a Rs 60 low cost to policyholders and a Rs 45 low cost for retail traders and workers, in line with authorities sources.

The Initial Public Offering (IPO) would open on May 2 for anchor traders, and on May 4 to May 9 for traders, the sources added.

On Saturday, the LIC board authorized a minimize in its IPO situation measurement to three.5 per cent from 5 per cent, sources had mentioned.

The authorities is now anticipated to promote 3.5 per cent of its stake in LIC for ₹ 21,000 crore, valuing the insurance coverage behemoth at 6 lakh crore.

The authorities sources additionally mentioned that there's an possibility to extend the stake supply from 3.5 per cent to five per cent, wherein case the state's coffer will garner Rs 30,000 crore from the sale of its fairness.

Whether the ultimate supply is a stake sale of three.5 per cent for Rs 21,000 crore or 5 per cent for Rs 30,000 crore, LIC's IPO might be India's largest ever.

Indeed, the general public situation measurement on the lowered ₹ 21,000 crore might be bigger than the quantity mobilised from the IPO of Paytm in 2021, which was the most important ever at ₹ 18,300 crore, adopted by Coal India (2010) at almost ₹ 15,500 crore and Reliance Power (2008) at ₹ 11,700 crore.