LIC public offer to open on May 4, listing on May 17

/PTI

New Delhi, April 27

India’s largest insurer LIC is likely to list on the stock exchanges on May 17, a week after its bumper initial public offering (IPO) closes.

The government is selling over 22.13 crore shares in LIC at a price band of Rs 902-949 a piece in the IPO, which opens on May 4 and closes on May 9.

As per the final papers filed with SEBI, the allotment of shares to the demat account of bidders will happen by May 16, post which LIC would commence trading of equity shares in the stock exchanges and list “on or about May 17”.

While anchor investors will bid for the share sale on May 2, the issue would open for subscription of institutional and retail buyers on May 4 and close on May 9.

While retail investors and LIC employees will get a discount of Rs 45 per share, LIC policyholders bidding in IPO would get a discount of Rs 60 a share.

“Bids can be made for a minimum of 15 equity shares and in multiples of 15 equity shares thereafter,” the LIC said in the propspectus approved by SEBI.

“The Centre will sell a 3.5% stake in the state-owned firm to add Rs 21,000 crore to the exchequer, making it the largest-ever IPO in our country. This is right-sized considering the capital market environment,” said Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey.

Rs 45 discount to retail investors

• The government has fixed price band at Rs 902-949 a piece in the IPO, which opens on May 4 and closes on May 9
• The allotment of shares to the demat accounts will be done by May 16, post which LIC would commence trading of equity shares in the stock exchanges and list “on or about May 17”
• While retail investors and LIC employees will get a discount of Rs 45 per share, LIC policyholders bidding in IPO would get a discount of Rs 60 a share

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