Life Insurance Corp of India, on course its Rs 21,000-crore Initial Public Offer (IPO), aims at raising up to Rs 5,630 crore on the upper price band from anchor investors.
The IPO will be a pure offer for sale of up to 221.37 million shares. The firm reserved around 59.29 million shares for the anchor investor portion. Employee reservation portion is at 1.58 million while policyholder reservation at 22.14 million. QIB portion set at 98.83 million.
The anchor investment will open on May 2 and the IPO will open for subscription on May 4. It will close on 9 May. The basis of allotment will be on May 12 and shares will be credited on the demat accounts on May 16. The company plans to list on exchanges on May 17.
India's largest IPO, which slashed around 60 percent of its issue size due to poor market conditions, earlier announced its price band at Rs 902-949 a share.
With this, LIC will become the country's fifth most-valued listed firm, with a market cap of over Rs 6 trillion, according to calculations by Moneycontrol. Globally, it will rank 186th in terms of market cap.
Reliance Industries Ltd is the most valued firm with a market cap of Rs 19 trillion followed by Tata Consultancy Services Ltd (Rs13.12 trillion), HDFC Bank Ltd (Rs 7.58 trillion) and Infosys Ltd (Rs 6.57 trillion).
The IPO will be the biggest IPO of the country followed by Paytm Owner One97 Communications (Rs 18,300 crore) and Coal India Ltd (Rs 15,199 crore).
