IPO

LIC files DRHP to SEBI for mega IPO Govt to sell 5% stake Up to 31.62 crore shares on offer

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India’s largest insurance company LIC has filed DRHP (Draft Red Herring Prospectus) with SEBI for its IPO.

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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.

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According to the DRHP (Draft Red Herring Prospectus) filed on 13th February 2022

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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.

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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.

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10% stake in LIC’s IPO will also be reserved for policyholders.

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LIC’s embedded value stood at Rs 5,39,686 crore as of September 30, 2021.

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If LIC raises $8 billion through IPO, it will be almost half of the total amount raised from IPO last year.

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Half of the offer is reserved for Qualified Institutional Buyers (QIBs) and 15% for non-institutional investors.