Life Insurance Corporation of India (“LIC” or the “Corporation”) has fixed the price band at ₹902 to ₹949 per Equity Share for its maiden public offer. The initial public offering (“IPO”) of the Corporation will open on Wednesday, 4 May 2022 for subscription and close on Monday, 9 May 2022. Investors can bid for a minimum of 15 Equity Shares and in multiples of 15 Equity Shares thereafter.

A press conference was organized to announce this news. Gracing the conference were S. Mohanty, Rohit Chawala, Mangesh Ghogre, and Pritish Kandoi.

The IPO is through an offer-for-sale (“OFS”) of up to 221,374,920 Equity Shares by the President of India, acting through the Ministry of Finance, Government of India (“Selling Shareholder”) (“Offer”). The Offer includes a reservation for Eligible Employees and Eligible Policyholders.

Discount – ₹ 45 per Equity Share to Retail and Eligible Employee Category and ₹ 60 per Equity Share to Policyholder Category.

The Floor Price is 90.2 times the face value of the Equity Share and the Cap Price is 94.9 times the face value of the Equity Share.

Priyanka Dutta