Rural fintech firm Spice Money has partnered with Religare Broking ahead of the long-awaited initial share sale of Life Insurance Corporation of India (LIC). The link would “take the LIC IPO to 10 crore rural households,” the companies said in a joint release.
“Spice Money representatives will act as a one-point contact to assist rural citizens who want to invest in the LIC shares. They will assist them in opening a DEMAT (Dematerialization) account and around the LIC IPO. apply and in other products in the future, ”it added.
Demat account is a must for any investor who wants to trade in stocks.
Sanjeev Kumar, co-founder and CEO of Spice Money, said: “Access to the IPO of a brand that holds nationwide trust, such as LIC, will help rural citizens warm up to the phenomenon of investment opportunities of which they are hitherto unaware. . “
Spice Money is a wholly owned subsidiary of DiGiSPICE Technologies and covers 95 percent of India’s rural PIN codes.
Nitin Aggarwal, CEO, Religare Broking said, “With LIC IPO on the way, a great opportunity awaits new investors and its policyholders. Together, Religare and Spice Money will play an instrumental role in building a rural Indian financial inclusion model , which combines new era. technology with human assistance and brings Ghar Ghar Demat Account. “
Religare Broking operates on a network of more than 1,100 branches with business partners across 400 cities in India.
LIC’s initial public offering will open on May 4 and close on May 9. The listing of its shares can take place on 17 May.
The insurer set the IPO price band at Rs 902-949 per equity share for a share sale of 3.5 percent. Small investors and qualifying employees will receive a discount of Rs 45 per equity share, and policyholders will receive a discount of Rs 60 per equity share.
The Rs 20,557 crore LIC IPO is going to be the largest initial share sale ever in the country.
LIC is India’s largest financial institution and manages almost Rs 40 lakh crore of public money.
As of now, the amount mobilized from Paytm IPO in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at almost Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.