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| LIC invites media for a press conference on Wednesday at 1230 PM, with regards to its IPO | | |  On its public issue offer, Life Insurance Corporation (LIC) has invited the media for a press conference at 1230 pm on Wednesday, April 27, 2022.
Reuters, quoting sources, reported that LIC would likely file a preliminary IPO prospectus today.
Sources had told NDTV on Monday that the long-awaited public issue offer of the LIC was likely to open on May 4 and close on May 9. Still, they had added that the exact timelines would be confirmed post-Wednesday.
The sources also said that the date ranges and other listing details would be known in the first week of May.
So, the details, including the employee reservation portion, which is pegged at 5 per cent of the IPO size and the policyholder reservation portion pegged at 10 per cent, will be confirmed next week, closer to the initial public offer (IPO) dates.
That comes after the LIC board authorised a cut in its IPO issue size to 3.5 per cent from 5 per cent, according to sources on Saturday.
The sources had said that the government is now expected to sell 3.5 per cent of its stake in LIC for Rs 21,000 crore, subject to regulatory approvals. That would value the insurance behemoth at 6 lakh crore.
Previously, to meet the curtailed disinvestment target of Rs 78,000 crore in 2021-22, the government was expecting to garner over Rs 60,000 crore by selling about 31.6 crore or 5 per cent of its stake in the fully-owned life insurance firm, as per regulatory papers (draft red herring prospectus) filed and approved.
While the LIC IPO was set to open in March, the government had to delay it because the Russia-Ukraine crisis derailed those plans as stock markets were highly volatile.
Despite the lowered ambition, the state-run insurer is one step closer to becoming the most significant Indian initial public offering (IPO) ever.
Indeed, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore |
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