NEW DELHI: The price band for Life Insurance Corporation’s (LIC) mega initial public offering (IPO) has been set at Rs 902-949, news agency Reuters reported quoting sources.
The issue is likely to open on May 4 and close on May 9.
According to reports, 60 per cent of the IPO will be reserved for qualified institutional investors (QIBs).
Sources quoted by Reuters also said that the offer will be available at Rs 60 discount for policyholders and Rs 40 for retail investors and employees.
The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer.
The IPO values LIC at Rs 6 lakh crore.
The government had in February planned to sell 5 per cent stake or 31.6 crore shares in the insurance behemoth and had filed draft papers with Sebi.
However, the IPO plans faced headwinds from the ongoing market volatility due to the Russia-Ukraine war.
(With inputs from agencies)
