The wait is finally over for the much awaited IPO of Life Insurance Corporation. The IPO will remain open from 4 May to 9 May for the bidding. The issue dates and issue price most likely will be announced tomorrow.
The government filed papers with SEBI to get an exemption from the norm of selling 5% stake. Because of the volatility in the market caused by Ukraine-Russia war, the government now looking to sell just 3.5% instead.
LIC was 5th biggest global insurer in terms of premium collection as of 2020. It has issued over 280 million policies. LIC is valued at ₹6 trillion, which is just 1.1 times its original embedded value of ₹5.39 trillion, according to the revised estimates of the government.
