LIC’s IPO is not even open for subscription yet, but its shares are performing tremendously in the gray market. According to market watchers, shares of Life Insurance Corporation (LIC) of India are getting on Tuesday at a premium of Rs 48 in the gray market. That is, the GMP (Grey Market Premium) of LIC’s IPO has been Rs 48 on Tuesday.
Price band of Rs 902-949 per share for IPO
The subscription for LIC’s IPO is expected to open between 4th to 9th May 2022. The central government is in the process of selling 3.5 per cent stake in the government insurance company through a public issue. According to media reports, LIC has fixed a price band of Rs 902-949 per share for its initial public offering (IPO) of Rs 21,000 crore. The central government earlier wanted to bring the public issue of LIC before March 31 this year, but due to the fight between Russia and Ukraine, it was decided to postpone the IPO.
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Policyholders will get a discount of Rs 60 per share
LIC’s mega IPO will open on May 2 for anchor investors. There will be 15 shares in one lot. Retail and employees will get a discount of Rs 45 per share. At the same time, policyholders will get a discount of Rs 60 per share. These details have been given in a report by BusinessToday. 10% of LIC’s issue size will be reserved for policyholders. At the same time, there will be a reservation of 0.15 crore shares for the employees. The insurance company will issue about 22.14 crore shares in the public issue. LIC Management and Investment Bankers will launch road shows in Mumbai, New Delhi, Bengaluru, Ahmedabad, Rajkot, Kolkata, where they will meet potential investors and analysts.
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