The LIC Board is meeting today to give the final shape to the issues relating to the upcoming IPO. The largest-ever IPO in the country is going to be launched on May 4th.
Board is expected to approve the dates and finalise the exact reservation portion for policyholders and its employees in today’s meeting. It will also deliberate the quantum of discounts to be offered to various categories, policyholders being one.
The closing date of the IPO shall be May 9. The reservation for the LIC’s employees would also be on the agenda.
LIC’s board has already reduced the issue size of the LIC IPO from 5% to 3.5 per cent. The central government will dilute 3.5 per cent of its shares in LIC for Rs 21,000 crore, making it the biggest-ever IPO exceeding the record of Rs 18,300 crore by Paytm.
The government had earlier filed LIC’s draft papers with the Securities and Exchange Board of India (Sebi) in February, aiming to raise around Rs 65,000 crore.
Initially scheduled for March, LIC’s IPO was derailed due to the Russia Ukraine conflict. At present secondary market conditions have turned volatile due to selling by foreign portfolio investors (FPIs) and the US Federal Reserve’s decision to tighten monetary policy.
