 LIC IPO Set To Open On 4 May, Issue Size Pareto ₹21,000 cr

The much anticipated mega initial share sale of LIC has been announced

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and the issue will open on 4 May, according to a PTI report. The bidding for IPO will go on till 9 May.

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The IPO, through which the government will sell 3.5% stake

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in state-owned LIC, will fetch ₹21,000 crore to the exchequer.

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The stake sale at 3.5% will fetch far lower than the ₹50,000 crore estimated before Russia invaded Ukraine.

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LIC is valued at ₹6 lakh crore in IPO, before the value was around ₹17 lakh crore.

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As per Sebi norms, companies with valuation over ₹1 lakh crore have to sell 5% stake in IPO.

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The government has also filed papers with Sebi seeking exemption from the norm, the PTI report noted.

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The government had planned to sell 5% stake in LIC in February.

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But the Russia-Ukraine war has reduced the size of the IPO.

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LIC IPO would contribute a major chunk to the budgeted disinvestment proceeds in the current fiscal.

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