Life Insurance Corporation on April 27 invited the media for a conference at 12.30 pm on the forthcoming IPO. The much-awaited issue of the state-run insurance behemoth is set to open on May 2 for anchors and on May 4 for subscription, the sources said a day earlier, adding that the IPO will likely close on May 9.
India has slashed the size of its biggest initial public offering by about 60%, pressing ahead with the sale even as the war in Ukraine continues to weigh on investor demand.
The Center will sell 221.4 million shares of LIC at Rs 902 to Rs 949 each, according to the final prospectus filed with exchanges. The offering could raise as much as $2.7 billion at the top end of the price range. Even so, the IPO will be India’s largest, surpassing the 183 billion rupee sale by One97 Communications Ltd., the operator of PAY TM, in November.
LIC IPO press meet at 12.30 pm today.
India has slashed the size of its biggest initial public offering by about 60%, pressing ahead with the sale even as the war in Ukraine continues to weigh on investor demand. The Center will sell 221.4 million shares of LIC at Rs 902 to Rs 949 each, according to the final prospectus filed with exchanges. The offering could raise as much as $2.7 billion at the top end of the price range. Even so, the IPO will be India’s largest, surpassing the 183 billion rupee sale by One97 Communications Ltd., the operator of PAY TM, in November.
LIC Eighth - the largest life insurer globally in terms of total ascetic
LIC is the eighth -the largest life insurer globally in terms of total assets. As of fiscal 2021, it holds around $507.33 billion in total assets. Currently, China's Ping An Insurance is the largest insurer in terms of total assets, followed by Germany's Allianz SE and France-based AXA SA. As of December 2020, Ping An Insurance holds around $1.38 trillion in total assets, while Allianz SE and AXA SA have $1.27 trillion and $965.51 billion, respectively. US-based Met life Inc, Japan's Nippon Life Insurance, Britain's Aviva PLC and China Life Insurance Co have total assets of $795.15 billion, $705 billion, $657.34 billion and $616.29 billion, respectively. Life Insurance Corporation of India’s board has recently reduced the size of LIC IPO to 3.5 per cent from 5 per cent proposed in its draft red herring prospectus (DRHP). The government will now sell its 3.5 per cent equity in LIC for Rs 21,000 crore, valuing India’s largest insurer at Rs 5.4 lakh crore The decision was taken considering the market volatility in the wake of Russia-Ukraine crisis.
The central government earlier wanted to launch the LIC initial public offering in March 2022 to meet its revised disinvestment target for the previous fiscal. However, the Russia-Ukraine war and its impact on the stock markets worldwide, had delayed the plan. The issue size has also been significantly cut to sail through the IPO in the current market conditions.
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