The much awaited IPO of the largest public insurer LIC is likely to launch on May 4, CNBC TV18 reported. The report added that while the issue shall close for subscription of May 9, the anchor book will open on May 2.
Further as per the news channel, the market watchdog has given its approval for the revised DRHP as per which stake sale in the company shall be to the tune of 3.5% as against 5% as mentioned in the earlier draft papers. Also, as per the sources, there shall be no green shoe option.
The fully state run public issue through the issue plans to mop up Rs. 21000 crore by selling 22 crore equity shares i.e. equivalent to a 3.5% stake sale.
Further as per the leading news channel, the company’s board shall meet up this week to decide on the IPO price band. The red herring prospectus shall be submitted with the SEBI by April 27.
The government targeting to mop up the aforesaid amount expects a valuation of Rs. 6 lakh crore for the insurer.
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Story first published: Monday, April 25, 2022, 23:37 [IST]