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LIC 3.0: India’s biggest IPO ever opens on May 4: 10 points


LIC’s IPO will open on May 4, 2022

LIC’s IPO will open on 2 May 2022 for anchor investors and on 4 May for entry for retail investors. The issue closes on May 9

Here are the details of the mega public offering.

  1. LIC’s IPO will open on 2 May 2022 for anchor investors and on 4 May for entry for retail investors. The issue closes on May 9th.

  2. Secretary of the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey, said LIC is on track for its Rs 21,000 crore IPO.

  3. He said the insurance behemoth is aiming to raise Rs 5,630 crore on the upper price band through a pre-IPO placement of shares.

  4. “We have planned to launch the LIC IPO now due to solid anchor book, which reduces volatility, strong domestic flow,” Mr Pandey said.

  5. “While world sentiment is weak, Indian markets are resilient due to strong domestic inflows. We expect strong retail participation in the IPO, ”he added.

  6. LIC Chairman MR Kumar described the public offering as LIC 3.0

  7. The IPO will be a pure offer for sale of up to 221.37 million shares. It reserved approximately 59.29 million shares for the anchor investor portion.

  8. Employee booking portion is at 1.58 million while policyholder reservation is at 22.14 million. Qualified Institutional Buyers (QIB) portion was set at 98.83 million.

  9. The basis of allotment will be done on May 12th and shares will be credited to the Demat accounts on May 16th. The company plans to list on stock exchanges on May 17.

  10. India’s largest IPO, which has reduced about 60 per cent of its issue size due to poor market conditions, had earlier announced its price group at Rs 902-949 per share.

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