Market Updaters: An official with the state-owned Life Insurance Corporation of India (LICI) said on Friday that more than 25 anchor investors, both global and local, had expressed interest in the proposed maiden public offering (IPO).
in the coming month, the government aims to sell a 3.5 percent share in LIC to collect Rs 21,000 crore from the market. The government invested Rs 5 crore as seed capital in LIC when it was founded in 1956. According to An official from one of the lead managers, QIPs, including anchor investors, will receive 50% of the offer.
He stated that 35% will be retained for retail investors, 15% for high net worth individuals, and 10% for policyholders. He stated that the anchor book will be opened on May 2. He stated that anchor investors will receive 30% of the sum apart from qualified institutional placement’s (QIPs). According to LIC Managing Director Siddhartha Mohanty, the government's sovereign insurance will continue under Section 37 of the LIC Act even after the public Offering.
LIC IPO price band at Rs.902-949, issue size Rs 21,000 Cr, Details inside
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