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    HomeNewsBusinessMarketsStreet Buzz: LIC IPO likely from 10 March, issue size seen at Rs 65,400 crore; Check out more

    Street Buzz: LIC IPO likely from 10 March, issue size seen at Rs 65,400 crore; Check out more

    The firm with the largest agent network in the country of 1.35 million registered agents will try to lure policyholders to the IPO with a rumoured 10 percent discount.

    Moneycontrol News
    February 16, 2022 / 09:38 IST
    The initial public offering of Life Insurance Corp of India (LIC) is likely to run from March 10 to 14 and the share sale could be worth about Rs 65,400 crore at a price band of Rs 2,000-2,100 apiece, going by market rumours.This comes after the government, which filed LIC draft papers on Sunday for the country's biggest IPO, denied rumours on the issue date, saying any decision on valuation will be taken after roadshows with investors and the listing will be done in March.However, speculation is rife about key aspects of the public issue which is likely to reserve 3.16 crore shares for LIC’s 283 million policyholders. The state-run insurance giant, armed with the country's largest network of 1.35 million registered agents, will try to woo policyholders to the IPO with a rumoured 10 percent discount. To be sure, many of the policyholders will be first-time investors in equities.Let's take a look at the LIC public issue rumour mill which is in overdrive.

    Issue Opens: March 10 

    Issue Closes: March 14 

    Issue Price: Rs 2,000-2,100 per share

    Issue Size: 31,62,49,885 shares

    Offer-for-Sale: 31,62,49,885 shares which is equal to Rs 65,416.29 crore

    Discount: 10 percent for employees and policyholders

    Price Band Announcement: March 7 

    Anchor Investors Allotment: March 9

    Market Lot: Seven shares

    Employees: 1.58 crore shares (10 percent discount = Rs 1,890)

    Policyholders: 3.16 crore shares (10 percent discount = Rs 1,890)

    Anchor: 8.06 crore shares = Rs 16,935.18 crore 

    Qualified Institutional Bidder: 5.37 crore shares = 11,290.12 crore 

    Non-Institutional Investors: 4.03 crore shares = 8,467.59 crore 

    Retail Individual Investor: 9.41 crore shares = 19,757.71 crore 

    Listed Peers: SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company

    Moneycontrol News
    first published: Feb 16, 2022 09:33 am

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