LIC IPO: The process related to the Initial Public Offer (IPO) of Life Insurance Corporation of India (LIC) is being completed rapidly. According to media reports, the draft paper submitted for IPO can be approved from market regulator SEBI on Monday. According to sources, the government may submit the Red Herring Prospect (RHP) with SEBI within a few days after the draft paper is approved.
The official said that the government will try to answer all the questions of SEBI at the earliest. She will then proceed to deposit the RHP after assessing the market volatility and other aspects.
All details will be known soon
In LIC’s RHP, the government can announce the date of launch of IPO. Apart from this, the size of its LIC IPO, the price band of the shares, and other details will also be given. LIC had submitted the draft papers for the IPO on February 13.
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The situation changed due to the war
The government will sell its 5 percent stake in LIC or about 31.6 crore shares. When the draft paper was submitted for LIC’s IPO, it was said by the government at various levels that it wants to launch the IPO before March 31 in any case. However, in the meantime, the situation in the market has changed due to the war between Russia and Ukraine.
Due to the war between Russia and Ukraine, stock markets around the world have fallen and investors have turned away from the market. In such a situation, the merchant bankers appointed by the government have advised to postpone this IPO for one to two months.
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Preparing to raise around Rs 65,000 to 70,000 crore
LIC’s IPO will be the biggest IPO ever in the history of India. The government is preparing to raise about Rs 65,000 to 70,000 crore from this IPO. In such a situation, for this IPO to be successful, full support of all types of investors will be required.
Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said on Friday that the government will take any decision regarding LIC’s IPO keeping in mind the interests of investors. He said that the government wants to bring LIC’s IPO in the current financial year itself, but at this time some unforeseen events are happening. We are keeping a close watch on the market.
Tags: IPO, LIC IPO, Share allotment, Share market, Stock Markets, IPO
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