New Delhi: Ahead of its initial public offering (IPO), insurance giant LIC on Tuesday approached its policyholders to inform them about the share sale through SMS and other means.
LIC’s IPO opened for retail and institutional investors on Wednesday and will close on May 9.
LIC has fixed a price band of Rs 902-949 per equity share for the issue. The offer includes reservation for eligible employees and policyholders.
Retail investors and eligible employees will also get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per share.
The sale of shares is done through an offer-for-sale (OFS) of 22.13 crore equity shares. The shares are likely to be listed on May 17.
“LIC has filed Red Herring Prospectus (RHP) dated 26.4.22 with SEBI/Stock Exchanges for its IPO reserve shares for eligible policyholders. For details and risks in investing therein LIC IPO And see disclaimer, RHP and link….,” said the SMS sent by the insurer to the policyholders on their registered mobile numbers.
LIC has been giving information about the IPO for several months through various channels including print and TV advertisements.
Earlier in the day, LIC informed that it has raised over Rs 5,627 crore from anchor investors, mainly led by domestic institutions.
Anchor Investors’ (AI) share (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in a morning filing to the stock exchanges.
The country’s largest insurer has reduced the size of its IPO to 3.5 per cent from the earlier fixed 5 per cent due to the prevailing market conditions.
LIC’s IPO is going to be the biggest ever IPO in the country even after the small size of about Rs 20,557 crore.
So far, the amount raised from Paytm’s IPO in 2021 was the largest at Rs 18,300 crore, followed by Coal India (2010) at around Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
LIC was formed on September 1, 1956 by merging and nationalizing 245 private life insurance companies with an initial capital of Rs 5 crore.
Its product portfolio includes 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. The group product portfolio of the insurer comprises 11 products of the group.
As of December 2021, LIC had a market share of 61.6 percent in terms of gross written premiums, 61.4 percent in terms of new business premiums, 71.8 percent in terms of number of individual policies issued and 88.8 percent. Number of group policies issued.
LIC’s IPO opened for retail and institutional investors on Wednesday and will close on May 9.
LIC has fixed a price band of Rs 902-949 per equity share for the issue. The offer includes reservation for eligible employees and policyholders.
Retail investors and eligible employees will also get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per share.
The sale of shares is done through an offer-for-sale (OFS) of 22.13 crore equity shares. The shares are likely to be listed on May 17.
“LIC has filed Red Herring Prospectus (RHP) dated 26.4.22 with SEBI/Stock Exchanges for its IPO reserve shares for eligible policyholders. For details and risks in investing therein LIC IPO And see disclaimer, RHP and link….,” said the SMS sent by the insurer to the policyholders on their registered mobile numbers.
LIC has been giving information about the IPO for several months through various channels including print and TV advertisements.
Earlier in the day, LIC informed that it has raised over Rs 5,627 crore from anchor investors, mainly led by domestic institutions.
Anchor Investors’ (AI) share (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in a morning filing to the stock exchanges.
The country’s largest insurer has reduced the size of its IPO to 3.5 per cent from the earlier fixed 5 per cent due to the prevailing market conditions.
LIC’s IPO is going to be the biggest ever IPO in the country even after the small size of about Rs 20,557 crore.
So far, the amount raised from Paytm’s IPO in 2021 was the largest at Rs 18,300 crore, followed by Coal India (2010) at around Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
LIC was formed on September 1, 1956 by merging and nationalizing 245 private life insurance companies with an initial capital of Rs 5 crore.
Its product portfolio includes 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. The group product portfolio of the insurer comprises 11 products of the group.
As of December 2021, LIC had a market share of 61.6 percent in terms of gross written premiums, 61.4 percent in terms of new business premiums, 71.8 percent in terms of number of individual policies issued and 88.8 percent. Number of group policies issued.