LIC IPO opens, here's all you need to know before subscribing to this public issue

New Delhi: LIC public offer, the country’s biggest-ever IPO, on Wednesday opened for subscription for retail and institutional investors. The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth. The LIC initial public offering (IPO), now open for retail and institutional investors, is set to close on 9 May, 2022. LIC IPO launch date                : 4 May, 2022 LIC IPO closing date               : 9 May, 2022 LIC IPO share listing date    : 17 May, 2022 LIC IPO price band per share: LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share. The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on 17 May. LIC has cornered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share. LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing market condition. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country. Don’t Miss: LIC IPO opens today: Here’s what you should know before investing LIC IPO opens on 4 May, to list on stock exchange on 17 May; price band Rs 902 to 949 Government to sell 3.5% stake in LIC, IPO to fetch Rs 21,000 crore Also, 10 per cent of the shares are reserved for LIC policyholders, while 0.7 per cent for LIC employees So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore. LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore. Its product portfolio comprises 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products. As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or GWP, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.