LIC IPO to be listed on May 17: DIPAM Secy
On the reduced size of the offer, DIPAM Secy Tuhin Kanta Pandey says it's the right size considering the current market. With even this size, the LIC IPO is the biggest in India so far, he adds.
On the reduced size of the offer, DIPAM Secy Tuhin Kanta Pandey says it's the right size considering the current market. With even this size, the LIC IPO is the biggest in India so far, he adds.
The insurance major saw its grey market premium (GMP) rise 80% on April 28, a day after the IPO was announced.
For policyholders to bid for the LIC IPO, they must have a demat account, which has been linked to their permanent account number (PAN) present in LIC records.
The reduced valuation of the IPO along with the current despondency of the market raise questions over the prudence and the necessity of launching an IPO of a crown jewel like LIC.
LIC has time till May 12 to float the LIC IPO, following which SEBI's approval to issue a public offer will cease.
Shortly after SEBI's approval of its DRHP, LIC had released the financial results for the December quarter, requiring changes in the draft document for the IPO.
This is one of the fastest DRHP approvals by SEBI, coming in only 24 days after LIC filed the draft papers with the regulator.
Sitharaman noted there is a lot of interest in the market on LIC IPO and the government will be going ahead with it despite the Ukraine crisis.
The listing of Life Insurance Corporation (LIC) will go ahead as planned, says finance minister.
Over 75 lakh policyholders update PAN in last six months, at least 80% to subscribe the LIC IPO.