AMN / WEB DESK
The Initial Public Offering, IPO of Life Insurance Corporation of India (LIC) has opened for public subscription from today. It will remain open for subscription till 9th of May. LIC IPO is the biggest public offering in the country.
The allotment of shares to the Demat account of bidders will take place by 16th May and the IPO will list for trading on 17th May.
The country’s largest life insurer, LIC opens its IPO today. An initial public offering, IPO refers to the process of offering shares of a private corporation to the public in a new stock issuance. LIC has fixed the price band of 902 to 949 rupees per Equity Share for its maiden public offer. Investors can bid for a minimum of 15 Equity Shares and in multiples of 15 shares thereafter. The LIC has offered a discount of 45 rupees per share to Retail and Eligible Employee Category and 60 rupees per share to Policyholder Category. With this IPO, the government is looking to divest its 3.5 percent stake in the insurer by selling 22 crore 13 lakh shares. The Government aims to raise around 21 thousand crore rupees through IPO.
LIC is recognized as the third-strongest and 10th most-valuable global insurance brand as per the Insurance 100 2021 report released by Brand Finance. LIC was also recognized by WPP Kantar as the second most valuable brand in India in the report BrandZ Top 75 Most Valuable Indian Brands for 2018,
2019 and 2020.
LIC has a diverse portfolio of insurance and investment products to cater to the needs of individuals. The company is well-placed owing to its distribution network comprising of over 13 lakh agents, several partners and alternate channels, its trusted LIC brand value, and 65 years of lineage. Moreover, LIC is backed by its strong financial track record and experienced management team.