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| LIC Shares To List On Stock Exchanges On May 17, Roughly A Week After IPO Closes On May 9 | | |  The Life Insurance Corporation (LIC) will list its shares on stocks exchanges on May 17, roughly a week after its initial public offering (IPO) closes on May 9.
The countdown for India's biggest public offer, at Rs 21,000 crore, has begun, with the IPO set to start on May 2 for anchor investors, with subscriptions opening on May 4 and closing on May 9.
About a week later the 66-year old company's shares will be listed on stock exchanges.
IPO is the selling of securities to the public in the primary market. A primary market deals with new securities being issued for the first time.
After listing on the stock exchange, the company becomes a publicly-traded company and the shares of the firm can be traded freely in the open market.
The government calls this new phase of the insurance behemoth as "LIC 3.0." LIC's IPO is in the price band of Rs 902-949, with the government expected to sell 3.5 per cent of its stake, giving policyholders a 10 per cent quota of the offer and 5 per cent to employees and retail investors The government is offering a Rs 60 per share discount to policyholders, and Rs 45 discount to employees and retail investors. The limit set for bidding is Rs 2 lakh for policyholders, employees and retail investors. So, you can bid for a maximum of Rs 2 lakh worth, including the discount, of LIC shares under each of those quotas. |
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