LIC IPO likely to open on May 4: Sources

The initial public offering of the country’s largest insurer LIC will open on May 4 and close on May 9, sources said.

The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer.

The IPO values LIC at Rs 6 lakh crore.

The government had in February planned to sell 5 per cent stake or 31.6 crore shares in the insurance behemoth and had filed draft papers with Sebi.

However, the IPO plans faced headwinds from the ongoing market volatility due to the Russia-Ukraine war.

Last week, the government decided to lower the issue size to 3.5 per cent.

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