LIC IPO Update: Big news has come out about LIC’s IPO. The news is coming that the government has submitted fresh DRHP with the market regulator SEBI to bring the IPO of Life Insurance Corporation of India (LIC). LIC has submitted fresh DRHP on the basis of December quarter results. Let us tell you that earlier SEBI had approved the draft documents filed by LIC on February 13, 2022. These included information about the financial results till September.
Updated documents filed
An official said, “The updated documents of LIC along with the December results have been filed.” Net profit rose to Rs 1,671.57 crore between April and December 2021.
The government expects to raise around Rs 60,000 crore through IPO through sale of around 316 crore shares or five per cent stake in LIC.
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3rd largest IPO
This is the third largest IPO of an insurance company in the world. Five other domestic and global investment banks including SBI Capitals, Citigroup, Nomura, JP Morgan and Goldman Sachs are the book running lead managers for the IPO. Five percent of the LIC IPO has been reserved for employees and 10 percent for the insured. Demat account will be there.
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