Lagatar24 Desk
New Delhi, May 4: The Life Insurance Corporation (LIC) started subscriptions for its initial public offering (IPO) on Wednesday at 10 a.m.
It will be available for subscription until May 9th. The LIC IPO is considered to be a watershed moment in the Indian capital market’s history, with the potential to be India’s largest IPO to date. The government plans to sell 22,13,74,920 shares in Life Insurance Corporation (LIC) to raise Rs 21,000 crore. Employees and policyholders are entitled to up to 15,81,249 and 2,21,37,492 shares, respectively.
Notably, on May 17 LIC will be listed and begin trading on stock exchanges. In an initial public offering, the government is selling approximately 22.13 crore shares in LIC at a price range of Rs 902-949 per share. LIC policyholders bidding in the IPO will receive a discount of Rs 60 per share, while retail investors and LIC employees will receive a discount of Rs 45 per share. Policyholders who want to invest in the LIC IPO can do so for up to Rs 2 lakh. The retail segment has a ceiling of Rs 2 lakh as well. Policyholders would receive a Rs 60 reduction per equity share, while retail investors and employees will receive a Rs 45 discount.
