LIC IPO New Delhi/UNI: Public sector insurance behemoth Life Insurance Corporation (LIC) on Sunday filed the draft red herring prospectus (DRHP) with market regulator SEBI, setting the stage for a mega initial public offering (IPO).
"The DRHP of LIC IPO has been filed today with the SEBI," announced the Department of Investment and Public Asset Management (DIPAM) Secretary on Twitter.
The DRHP of LIC IPO has been filed today with the SEBI. pic.twitter.com/jM9CDBMWVH
— Secretary, DIPAM (@SecyDIPAM) February 13, 2022
He said that the proposed IPO is 100 per cent OFS (offer for sale) by the Government of India and not fresh issue of shares by LIC.
LIC will offload 316.25 million shares representing a 5 per cent equity stake.
DIPAM said that LIC has 66 per cent market share in New Business Premiums with 283 million policies and 1.35 million agents as of 31st March 21.
“Embedded value of LIC as on 30th Sep 21 is Rs 5,39,686 crore (about INR 5.4 trillion)," DIPAM Secretary tweeted.
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