LIC New Delhi: Life Insurance Corporation of India (LIC IPO) is likely to open on May 4 and is expected to close on May 9, according to media reports.
The anchor book for the LIC IPO is likely to open on May 2, CNBC TV18 reported.
On Sunday media reported that capital markets regulator SEBI gave its nod to the updated draft red herring prospectus (DRHP), which lists a 3.5 percent stake sale instead of 5 percent.
The new DRHP was tabled and approved by the LIC board on Saturday.
The reserved portions for policyholders and employees, and discounts, issue dates, and issue price will be known by Wednesday, sources aware of the development said, the report stated.
As per the LIC Act, the government can reserve up to 10 percent for the policyholders, it added.
A significant portion, not exceeding 10 percent of the public issue, will also be reserved for the policyholders.
For employees also, 5 percent of LIC IPO will be reserved. Both the employees and policyholders will get a chance to book LIC IPO at a discounted rate.
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