Life Insurance Corporation of India is a familiar and trusted name for many when it comes to buying life insurance policies. The company has wide spread its distribution network via its agents and has even reached remote villages of India. This New Delhi Head Quartered Government of India corporation has filled its DRHP on 13th Feb 2022 for launching its IPO. The Government has decided to offload 3.5% of the stake. LIC is now all set to open its IPO on 4th May 2022. LIC was incorporated in 1956 and as per few published reports the company is India’s largest life insurer in terms of premium collection, new business premium collection, retail number of policies issued and group policies issued. Coming to few facts as per the company’s website disclosure :
- LIC has 2048 branches and operated in all states & UTs in India.
- It has 13 Lakh individual life insurance agents, 2000+ micro-insurance agents and 4700+ point of sales persons
The details of the IPO are as below:
- Issue size – Rs. 20,557 Crore
- Total number of shares for sale – 221,374,920
- Issue period – 4th May – 9th May, 2022
- Price band – Rs. 902/- to Rs. 949/- per equity share. LIC policyholders will get a discount of Rs. 60/- per share. Employees & Retail Investors will get a discount of Rs. 45/- per share.
- Face value – Rs. 10/- per equity share
- Lot size for bidding – minimum 15 equities shares & thereafter in multiples of 15 each.
- Minimum investment – Rs. 14,235/- for bidding 1 lot of 15 equity shares.
- Listing at exchanges – BSE & NSE
- Allotment Date – May 12, 2022
- Credit of Equity Shares to Demat A/C – May 16, 2022
- Refund Date – May 13, 2022
- IPO listing date – May 17, 2022
- Employee Reservation Portion – Up to 5% of the offer size.
- Policyholder Reservation Portion – Up to 10% of the offer size.
- Lead managers for LIC IPO : Axis Capital, ICICI Securities, SBI Capital, Kotak Mahindra Capital, JM Financial, Goldman Sachs, JPMorgan, Citigroup, Nomura & Bank of America Securities.
Disclaimer: Investment in equity markets involves high degree of risk, please read the IPO document carefully before investing.
