LIC sets price band at Rs 902-949 per share for Rs 21000 cr IPO issue opens May 4
Mumbai Apr 27 PTI Countrys largest life insurer LIC on Wednesday set the price band at Rs 902-949 per share for its Rs 21000 crore initial public offering IPO which will open for subscription on May 4 At the upper end of the price band the government will garner around Rs 21000 crore With this IPO which is through an offer-for-sale OFS route the government is looking to divest its 35 per cent stake in the insurer by selling 2213 crore shares Speaking on the occasion Department of Investment and Public Asset Management DIPAM Secretary Tuhin Kanta Pandey said listing of LIC is part of the long-term strategic vision of the government and will highly enhance the value of the corporation in the long-run This LIC IPO is right sized considering the capital market environment and will not crowd out capital supply given the current market environment Pandey said here on Wednesday Even after the reduced size of about Rs 20557 crore LIC IPO is going to be the biggest initial public offering ever in the country he said In February the government had planned to sell a 5 per cent stake in the company The decision to list now has taken into account the combination of multiple factors including market demand stabilizing market conditions reducing volatility domestic flows and the corporations financial performance he said Pandey said the market is undoubtedly benefiting from strong structural tailwind given concerns in other markets The market has recovered from temporary shock due to global geopolitical events seen earlier In the IPO the retail investors and eligible employees will get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per equity share The issue will open for subscription on May 4 and to close on May 9 The bid lot for the issue would be 15 PTI HV BEN DRR
Mumbai Apr 27 PTI Countrys largest life insurer LIC on Wednesday set the price band at Rs 902-949 per share for its Rs 21000 crore initial public offering IPO which will open for subscription on May 4 At the upper end of the price band the government will garner around Rs 21000 crore With this IPO which is through an offer-for-sale OFS route the government is looking to divest its 35 per cent stake in the insurer by selling 2213 crore shares Speaking on the occasion Department of Investment and Public Asset Management DIPAM Secretary Tuhin Kanta Pandey said listing of LIC is part of the long-term strategic vision of the government and will highly enhance the value of the corporation in the long-run This LIC IPO is right sized considering the capital market environment and will not crowd out capital supply given the current market environment Pandey said here on Wednesday Even after the reduced size of about Rs 20557 crore LIC IPO is going to be the biggest initial public offering ever in the country he said In February the government had planned to sell a 5 per cent stake in the company The decision to list now has taken into account the combination of multiple factors including market demand stabilizing market conditions reducing volatility domestic flows and the corporations financial performance he said Pandey said the market is undoubtedly benefiting from strong structural tailwind given concerns in other markets The market has recovered from temporary shock due to global geopolitical events seen earlier In the IPO the retail investors and eligible employees will get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per equity share The issue will open for subscription on May 4 and to close on May 9 The bid lot for the issue would be 15 PTI HV BEN DRR
