LIC Press Conference Today forward of IPO launch- Know Time and different Details

LIC Press Conference, April 29: LIC is about to carry a press convention right now forward of its mega IPO launch on May 4, 2022. The much-awaited LIC IPO will open on May 4 and stay open for buyers until May 9, 2022. 

The centre, which wholly owns the Life Insurance Corporation of India, plans to promote 3.5 % of the shares in the course of the mega IPO launch. The LIC IPO measurement has been diminished from the sooner 5 % talked about within the earlier Draft Red Herring Prospectus (DRHP).

“Even after reduced size, LIC will be largest IPO, we will call it LIC 3.0 phase,” stated Dipam Secretary Tuhin Kant Pande at a press meet beforehand. 

Read Also: LIC IPO to Open on May 4- Know Price Band, Share Price and different IPO particulars

Why did LIC reduce IPO measurement?

LIC has reduce the IPO measurement from 5 % to three.5 % because of the market situation. The proposal to scale back the LIC IPO measurement to three.5 % from 5 % was tabled and accredited at a board assembly.

LIC has set its IPO Price Band at Rs 902 to Rs 949 per fairness share.

Advertisement

LIC IPO Size

Despite the diminished measurement, the LIC IPO remains to be anticipated to be the most important to date within the nation. The authorities plans to lift at the least Rs 20,557.23 crore by promoting of three.5 % of its fairness stake or 22.13 crore shares of LIC. This is although decrease than the sooner projection of Rs 60,000 crore. 

Out of the overall 22.13 crore shares provided on the market, round 5.93 crore shares have been reserved for the anchor investor portion, whereas the worker reservation portion has been marked at 1.58 million and policyholder reservation is at 22.14 million.

LIC has reserved half of the shares for certified institutional patrons (QIB), about 15 % of the shares have been reserved for non-institutional buyers and the remainder for retail buyers.

LIC IPO Discount 

The LIC policyholders will get a reduction of Rs 60 per fairness share, whereas the retail buyers and workers will get a reduction of Rs 40 per fairness share.

Background

The Securities and Exchange Board of India (SEBI) had accredited LIC’s preliminary public providing proposal earlier in  February. The centre had initially needed to listing LIC IPO within the final monetary yr, which ended on March 31 however needed to delay the sale of the shares amid the market dip triggered by the Russia-Ukraine battle. 

Source link