LIC IPO begins from today

India's biggest public issue by the Life Insurance Corporation initial public offering, opens to primary markets today. The public issue will remain open for bidding till 9th May 2022. The LIC IPO was opened to anchor investors on 2nd of May.

With the latest public issue, the government aims to provide a significant contribution to the government's disinvestment proceeds. The Indian Government has planned to raise Rs 21,008.48 crore from the public issue, making it the country's biggest IPO so far.

The LIC IPO price band has been fixed at Rs 902 to Rs 949 per equity share. However, policyholders and LIC employees will get a Rs 60 and Rs 45 discount, respectively. Applicants will be able to apply in lots, where one IPO lot comprises 15 LIC shares.

An applicant can apply for a minimum of one and a maximum of 14 lots or 210 shares. The minimum amount required to apply for the IPO is Rs 14,235 (i.e., Rs 949 x 15). The maximum bid amount for retail investors, policyholders and LIC employees has been capped at Rs 2 lakh.

The expected date for the share allocation announcement is 12th May 2022. Shares of LIC will list on BSE and NSE and the likely date for share listing is 17th May 2022. KFin Technologies Limited is the official registrar of LIC IPO.