According to a report by CNBC TV18, the initial public offering of Life Insurance Corporation of India (LIC) is likely to open on May 4.
The mentioned publication cited a source that the offer may close by May 9. The anchor book is expected to be open on May 2. The Government of India owns the insurance giant & plans to sell a 3.5% stake of the company to raise Rs 21,000 crore, as per the latest draft papers filed with the Securities and Exchange Board of India (SEBI).
Earlier the government had planned to sell 5% of the stake. A statement from SEBI on the latest DRHP filed by LIC is expected to be released tomorrow as reported by CNBC TV18. The government is likely to file the updated red herring prospectus on April 27.
The government had filed the previous DRHP in February but the plan to float the IPO was postponed due to the Russia-Ukraine war.