LIC's IPO Opens Today For All, Allotment Announcement Likely On May 12

The Life Insurance Corporation's (LIC) mega public issue opens today for all and subscriptions close on May 9, with the allotment announcement likely on May 12 and the listing on stock exchanges on May 17.

While the government had delayed the Initial Public Offering (IPO) from March, and reduced the size of its stake sale to 3.5 per cent through an offer-for-sale (OFS) of up to 22.13 crore equity shares, from 5 per cent earlier, the trend so far shows solid demand from anchor investors at the top end of the price band.

Indded, India's biggest ever IPO garnered a little over Rs 5,627 crore from anchor investors, which opened on May 2, led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at the top end of the price band of Rs 949 per equity share. 

The insurance behemoth's IPO can be bid at the price band of Rs 902-949 per share, with the bidding lot starting at 15 and a maximum of 240 shares.

Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

For NDTV's updates on the mega IPO: click here for the live blog.