India’s largest insurance company LIC has filed DRHP (Draft Red Herring Prospectus) with SEBI for its IPO. This IPO is going to be the biggest IPO in the history of the Indian stock market and probably LIC will also be listed in the market by March.
According to the DRHP (Draft Red Herring Prospectus) filed on 13th February 2022, the company will almost offer up to 31,62,49,885 equity shares (31.62 crores) which form 5% of the equity of the company.
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that LIC’s IPO set will be 100% OFS by the Indian Government and no fresh shares will be issued by LIC.
10% stake in LIC’s IPO will also be reserved for policyholders. LIC’s embedded value stood at Rs 5,39,686 crore as of September 30, 2021.
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