LIC IPO Date: LIC IPO Opens Today- Know Price Band, Share Price and other IPO details

LIC IPO Price Band has been fixed at Rs 902-949 per share with Rs 60 discount per share for policyholders and Rs 40 discount per share for retail investors and employees. 

Created On: Apr 27, 2022 13:53 ISTModified On: May 4, 2022 10:58 IST
Dipam Secretary Tuhin Kant Pande
Dipam Secretary Tuhin Kant Pande

LIC IPO Date: The much awaited LIC IPO has opened for subscription for retail and institutional investors from May 4, 2022. The country's biggest  initial public offering (IPO) will remain open till May 9, 2022. The centre aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance giant.

The LIC IPO price band has been set at Rs 902 to Rs 949 per equity share. There is expected to be a discount of Rs 60 for the existing LIC policyholders and Rs 40 discount for retail investors and employees. 

"Even after reduced size, LIC will be largest IPO, we will call it LIC 3.0 phase," said Dipam Secretary Tuhin Kant Pande at the press meet. He also stated that "this is right-sized considering the capital market environment and will not crowd out capital and monetary supply, given the current environmental constraints."

LIC is the oldest and most trusted insurance company with almost 30 crore policyholders. The company offers a wide variety of products including insurance schemes and endowment policies for different age groups and types of customers. 

LIC IPO Details: Price Band, Share Price- All you need to know!

LIC IPO Date

The LIC IPO will open on May 4th and close on May 9th. The LIC IPO anchor book is expected to open on May 2nd.

LIC IPO Price Band

The mega LIC IPO Price Band has been fixed at Rs 902-949 per share with Rs 60 discount per share for policyholders and Rs 40 discount per share for retail investors and employees. LIC is looking to raise close to Rs 21000 crore at the upper end of the price band. 

LIC IPO Size 

The LIC IPO size has been set at 221.8 million shares. The issue size is expected to be worth around Rs 20,557 crore. 

LIC IPO Details

  • The government is planning to raise about $2.74 billion from selling a 3.5 percent stake in LIC.
  • The LIC valuation now stands close to Rs 6 lakh crore, down from the earlier expected Rs 17 lakh crore.
  • The LIC IPO will open for anchor investors on May 2nd and for subscription on May 4 and close on May 9.
  • A discount of Rs 45/share will be provided to the employees and retail investors and Rs 60/ share discount will be provided to policyholders.
  • Apart from policyholders and shareholders, the remaining shares will be allocated thus 50 percent for qualified institutional buyers (QIBs), 35 percent for retail buyers and 15 percent for non-institutional investors. 
  • Roadshows for prospective investors and analysts across Ahmedabad, Bengaluru, Kolkata, Mumbai, New Delhi and Rajkot will end by this week. Sources told Reuters that online roadshows for investors in other regions will continue.

Background

LIC had filed draft papers with Securities and Exchange Board of India (SEBI) in February 2021 where it had said that the government would sell a 5 percent stake or 31.6 crore shares in the state-run insurer.

Read Also: Prime Minister Modi to visit Denmark, Germany, France from May 2-4 in his first overseas visit in 2022

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