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LIC IPO proposal filed with market regulator Sebi

LIC IPO proposal filed with market regulator Sebi

State-owned insurer Life Insurance Corporation on Sunday filed its draft papers with stock regulator Sebi for its IPO, Tuhin Kanta Pandey, secretary of  Department of Investment and Public Asset Management tweeted.The issue, after Sebi's approval, is likely to hit the market in March. As per the DRHP, up to Rs 31,62,49,885 (31.62 crore) equity shares are on offer for sale (OFS).

The government aims to come out with the IPO and subsequent listing of Life Insurance Corporation (LIC) on bourses by March. A portion of the IPO would be reserved for anchor investors. Also, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders. Actuarial firm Milliman Advisors LLP India had worked out the embedded value of LIC, while Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors. 

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