LIC IPO Update: If you are also waiting for LIC’s IPO then there is good news for you. For a long time investors were eagerly waiting for LIC’s IPO and today the date of IPO has been released. It is believed that on May 4, the company can open IPO for subscription. Let’s check on which day the IPO will open and when it can be listed in the market.
Let’s check the details related to LIC IPO-
April 27 – Price band may be announced
April 29 – Allotment for anchor investors
May 4 – IPO will be open for subscription
9th May – Last date of subscription
May 12 – Equity shares can be credited to depository accounts
May 13 – Listing may happen in the market
How many shares will be issued
Let us tell you that through this IPO, the company will issue 22,13,75,000 shares.
What will be the issue price?
The issue price of the shares can be between Rs 950-1000.
What will be the lot size?
Apart from this, if we talk about lot size, then one lot of LIC IPO can have 15 shares.
Government will raise 21000 crores
Let us tell you that the government is planning to raise about Rs 21000 crore through this IPO. The government is planning to sell about 3.5 percent stake in the initial public offering (IPO).
In February, the government had planned to sell five per cent stake or 316 crore shares in LIC. Documents in this regard were submitted to the Securities and Exchange Board of India (SEBI). However, market volatility due to the Russo-Ukraine war also hit the IPO plan. Last week, the government decided to reduce the issue size to 3.5 per cent.
Target to raise Rs 65,000 crore from disinvestment
Sources said that the government had also given documents to SEBI for exemption from the rule of five per cent stake sale. As per SEBI regulations, companies with a valuation of more than Rs 1 lakh crore are required to sell five per cent stake in the IPO. The government has set a target of raising Rs 65,000 crore from disinvestment in the current financial year. LIC’s IPO will have a major contribution in this.
When were the documents submitted
LIC had submitted the documents with the Securities and Exchange Board of India (SEBI) in February last. At that time LIC had said that the government would sell 5 per cent stake in this insurance company, through which about 316 crore shares would be sold.