LIC to give its blockbuster entry in the IPO market

LIC has a total equity base of 6.32 billion shares. All of them are offered for sale, which means that the proceeds will go entirely towards the government and help it reach its disinvestment target.

LIC to give its blockbuster entry in the IPO market
A signboard of the state-owned insurance group and investment company Life Insurance Corporation (LIC) is pictured outside its office in New Delhi India on February 14, 2022. The government-owned Life Insurance Corporation of India (LIC), the country’s largest insurance firm, has planned an initial public offering (IPO) that could be launched next month. Photograph Rajeev Bhatt

Life Insurance Corporation of India (LIC) has filed its draft share sale prospectus with the capital markets regulator SEBI (Securities and Exchange Board of India), paving the way to give a blockbuster entry in the IPO (Initial Public Offering) market.

The draft read that the 65-year-old company has planned to sell 316.25 million shares, around 5 percent of its total equity base. There is also a possibility that LIC will become India’s most valuable listed company, toppling Reliance Industries Ltd, after listing on the stock exchanges.