Finance Minister Nirmala Sitharaman announced a proposal to conduct an initial public offering for LIC in the 2021 Union Budget.The IPO is expected to occur in 2022.
The Government of India will remain the majority shareholder after the public listing.
Ten percent of shares are proposed to be allotted to existing LIC policyholders.In year 2021, government of India had proposed to significantly enhance the authorised capital of Life Insurance Corporation of India (LIC), to ₹250 billion (US$3.3 billion) to facilitate its public listing scheduled for the next fiscal year which will begin on 1 April.Due to the scale of the offering and LIC's ownership structure, the deal has been referred to as "India's Aramco moment" in reference comparable importance and scale of 2019 IPO of Saudi Aramco.
The latest development in the LIC IPO is the slashing of issue size from 5% to 3.5% of total equity of the company.
LIC will open its IPO to the public on May 4 and the process concludes on May 9. Through this IPO, the Government of India, the sole owner of LIC, is now aiming to raise ₹21,000 crore, as opposed to raising between ₹65,000 crore to ₹70,000 crore by diluting 5% equity earlier, indicating more than 50% compromise on valuation as well.
As per the IPO price band for 3.5% stakes for Rs. 21,000 crore, the valuation comes to around Rs 6 lakh crore.
| Details | LIC India | DRHP |
|---|---|---|
| Bid Date | 04 May 2022 to 09 May 2022 | |
| Lot Size | 15 | |
| Min.Investment | 13530 | |
| Price Range | 902-949 | |
| Issue Type | Book Built Issue IPO | "Download" |
| Face Value | ₹10 Per Equity Share | |
| Issue Size | 21000Cr | |
| Fresh Issue | - | |
| Offer For Sale | 31.6Cr | |
| Listing At | NSE,BSE |
| LIC India IPO Allotment Status Check |
|---|
| Click Here 👉 Link Intime India |
| Company Contact Information |
|---|
LIC (Life Insurance Corporation of India) Central Office 'Yogakshema' Jeevan Bima Marg Nariman Point Mumbai 400021 , India Phone:+91 022-68276827 Email:crm.bangalore-1@licindia.com Website: https://licindia.in |
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