LIC gets insurance regulator’s nod for IPO
- ByStartupStory | February 10, 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has cleared LIC India’s proposition for a first sale of stock (IPO), media reports recommend. ET NOW had before detailed that LIC will record a draft distraction plan with Sebi on Thursday.
The IPO size is relied upon to be in the scope of Rs 70,000 crore to Rs 1 lakh crore, Angel One said in a note. With this, LIC would order a market capitalisation of Rs 13-15 lakh crore post posting.
LIC is probably going to offer a markdown of 5% to its policyholders in the impending public contribution, ET Now detailed, referring to sources. Likewise, retail bidders and workers are probably going to be given some concession on the value band, sources said. Last week Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey had indicated that the state-run protection player is probably going to document its DRHP this week.
As of now, the public authority holds 100% stake in LIC, which had resources worth Rs 44 lakh crore in FY21. The existence safety net provider has 29 crore life policyholders, with Rs 34.3 lakh crore worth of life reserves. LIC has 2,048 Branch workplaces, eight zonal workplaces, 113 divisional workplaces and 11.48 lakh specialists.
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