Subscribe LIC: The Initial Public Offering (IPO) of the Life Insurance Corporation of India (LIC) will be launched on May 4, 2022, i.e. tomorrow. The Government of India (GoI) has set the price range for the LIC IPO at $902 to ₹949 per share of stock. In this, a discount of $60 for policyholders and $45 for LIC employees is announced. The public version will be open to bidding until May 9, 2022.
The largest public offering in the country
Through the initial public offering of LIC, the government will sell its 3.5 percent stake in the public sector company. With this, the government will get Rs 21,000 crore. In February, the government had planned to sell five per cent of the shares or Rs 316 crore shares in LIC. Documents in this regard have been submitted to the Securities and Exchange Board of India (SEBI). According to the government, this will be the largest IPO ever and will benefit investors in the long run.
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Huge response from major investors
LIC’s massive IPO opened to major investors on May 2. LIC’s IPO received a strong response from major investors on Monday. A full subscription of Rs 5,620 crore has been received from the major investors.
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Let’s know the important things about this subscription…
LIC IPO GMP: According to market experts, today LIC IPO Gray Market Premium (GMP) stands at Rs 85, which is Rs 16 more than yesterday’s gray market premium of Rs 69.
IPO Date: The public issue will open on May 4, 2022 and open for bidding until May 9, 2022.
LIC IPO Price: The Government of India has set the LIC IPO price range at $902 to $949 per share of stock.
IPO Size: The government is looking to raise Rs 2,108.48 crore from this issue.
LIC IPO Lot Size: There will be 15 shares per lot.
LIC IPO Application Limit: A bidder can apply for a minimum of 1 lot while a maximum of 14 lots is allowed.
LIC IPO Investment Limit: A bidder can apply for a minimum of one contract and a maximum of 14 contracts. To apply for a LIC IPO, at least one investor needs to invest ₹ 14,235, while the maximum they can invest is $1,99,290.
Life Insurance Company (LIC) IPO Date Allocation: The date of allotment of shares of the life insurance company is May 12, 2022.
Inclusion of LIC IPO: LIC shares will be listed on BSE and NSE and the provisional date for stock listing is May 17, 2022.
LIC IPO Registrar: Keffin Technologies Limited is the official registrar for the LIC IPO.