LIC IPO Latest Updates: The IPO of Life Insurance Corporation of India Limited (LIC) will be listed in the stock market on May 17. Today on Wednesday, the Board of Directors of LIC has given important information about LIC IPO in the press conference. Tuhin Kanta Pandey, Secretary, DIPAM, who was present at the press conference, said, “LIC’s IPO will be the biggest IPO in the country even though its issue size has been reduced. This issue will prove beneficial for investors in the long term,” Pandey said. According to the information given in the IPO, the government will raise Rs 20,557 crore from LIC IPO.
The price band of LIC IPO has been fixed at ₹902-949 per stock. LIC IPO will open on 4th May. This issue will be open for subscription till 9th May 2022. This mega IPO will open on May 2 for anchor investors. The IPO will be a pure offering for the sale of 221.37 million shares. According to the final documents given to SEBI, the allotment of shares in the demat account of the bidders can happen till May 16. After this, LIC shares can be listed in the stock market on May 17.
These will be the book running lead managers
The book running lead managers to the issue are Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India Pvt, JM Financial, JP Morgan India, Goldman Sachs (India) Securities, ICICI Securities, Nomura Financial Advisory, and Securities (India) ), and SBI Capital Markets.
Government in no mood to bring LIC’s FPO for one year
At the same time, according to a Reuters report, the government is in no mood to start a follow-up public offer (FPO) for LIC for the next one year.
“We are not going to bring in any other FPOs for LIC in the next one year,” Indian government officials said, citing a Reuters report.