Life Insurance Corporation of India is an Indian statutory insurance and investment corporation headquartered in the city of Mumbai, India. It is currently under the incumbent and official ownership of Government of India.
LIC is set to soon open its IPO on May 2 according to sources.
LIC IPO to launch on 2nd May
The issue size is expected to be worth Rs 21,000 crore, valuing the country’s largest insurer at Rs 6 lakh crore.
The IPO was speculated to be delayed. Especially, due to the market volatility caused by the Russia-Ukraine conflict. Being the largest life insurance company in India and the fifth-largest globally. LIC’s listing on bourses is set to change many things in the Indian capital market.
3.5% instead of 5%
The Offloading was initially decided around 5%. However it is now decided to dilute 3.5% in contrast to what was decided earlier. All these decisions have been taken amid uncertainty in markets due to the current geopolitical crisis.
The 3.5 stake sale is expected to fetch Rs 21,000 crore to the government.
“LIC IPO is likely to come to the market in May first week. 3.5% stake dilution, subject to regulatory approval,” an official said. This statement had come earlier this week amid market speculations.
Sources have now confirmed the spokesperson’s statement and the IPO should open on the 2nd of May, 2022.