LIC IPO: Despite the ongoing turmoil in the stock market and the disappointing performance of the IPO of Paytm and Star Health, the government will come up with an IPO in this financial year 2021-22. It is believed that the largest public sector insurance company will launch the IPO of LIC (Life Insurance Corporation) in the fourth quarter (January – March) of the current financial year 2021-22.
It is believed that LIC can raise up to Rs 1 lakh crore by selling its 10 percent stake in the government company through IPO. This is going to be the biggest IPO in India’s IPO history.
SEBI will have DHRP file
Government can soon file DHRP (Draft Red Herring Prospectus) with SEBI regarding LIC IPO. DHRP is likely to be filed with SEBI this month. In any case, the government wants to list LIC’s IPO on the stock exchange by March 2022. 10 Merchant Bankers have also been appointed for IPO management. Which includes Kotak Mahindra Bank, Goldman Sachs Group, JP Morgan Chase and ICICI Secrurities.
Contacting with Global Investors
LIC policy holder has to update PAN
LIC has now asked its policyholders to ‘update’ their Permanent Account Number (PAN) to participate in its proposed IPO. Apart from this, it has also been reported that according to the proposal, up to 10 percent of LIC’s IPO will be kept in reserve for its policyholders.
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