LIC IPO is to open on May 4. A step-by-step application guide for those interested in applying for LIC IPO.
Mumbai, April 27:
LIC IPO Latest news: Life Insurance Corporation of India's much-awaited IPO, or initial public offering, will open May 4 (May 2 for anchor investors) and close May 9 for the general public, LIC officials said at a Wednesday press briefing, adding it would list on stock exchanges on May 17. India's biggest public issue to date is the share price band in the government-owned insurance giant is selling over 22.13 crore shares between ₹902 and ₹949 per share. The total IPO value is set at ₹21,000 crores. Policyholders will get a ₹60 per share discount and retail employees and anchor investors will get a ₹45 discount.
“LIC IPO to open on May 4, price band at ₹902 to ₹949 per equity share. We will call it LIC 3.0 phase,” Tuhin Kanta Pandey, Secretary (Department of Investment and Public Asset Management), was quoted by news agency ANI.
“LIC IPO is (the) right size given the constraints in the market (and) will not crowd out capital and monetary supply in the market,” he said.
The government had planned the IPO to launch before March 31 but it was postponed due to poor market conditions following the Russia-Ukraine war.
Things to know about the LIC IPO
> Issue will begin next Wednesday and will be open till May 9.
> Price band will be between ₹902 and ₹949 per share.
> LIC policy holders' reservation portion will be 10 per cent of offer size, while employees will have five per cent of post-offer equity share capital reserved.
> Overall, around 15.81 lakh shares have been reserved for employees and around 2.21 crore shares have been reserved for policyholders.
> Normal investors can apply in the ‘qualified institutional buyers' segment and retail portion. Over 9.88 crore shares have been reserved for QIBs and over 2.96 crore for non-institutional buyers.
How to apply for LIC IPO – a step-by-step guide
Step 1: Log in to your online net-banking account. You will be directed to their home page subsequently.
Step 2: Go to the investment section > click on the IPO/e-IPO option.
Step 3: Fill in depository details and bank account details. Once you do that, the verification process will be completed.
Step 4: Click on the ‘Invest in IPO' option after verification is completed.
Step 5: Click on LIC IPO > add the number of shares and the ‘bid price'.
Step 6: Once you have read the terms and conditions of the bidding, click on
‘Apply Now'
Step 7: At the bank, application money will remain blocked till finalisation on basis of allotment. The account will be debited post allotment of the shares.
How to check share allotment: Step-by-step guide
To check whether you have been allotted shares or not, you will have to follow the below-mentioned steps-
Step 1: Go to https://www.bseindia.com/investors/appli_check.aspx
Step 2: Select the issue type
Step 3: Enter the issue name, application number, PAN details
Step 4: Click on search LIC IPO for further details
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