LIC IPO: GMP rises ahead of subscription opening next week
The price band of LIC IPO has been set at ₹902-949 per share

Country's largest life insurer Life Insurance Corporation of India's (LIC) three-day initial public offering (IPO) will open for public subscription next week on Wednesday, May 4 and conclude on May 9.
The price band of LIC IPO has been set at ₹902-949 per share.
With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to divest its 3.5% stake in the insurer by selling 22.13 crore shares.
In February, the government had planned to sell a 5% stake in the company.
Even after the reduced size, LIC IPO will be the biggest public issue ever in the country.
According to market observers, LIC shares are available at a premium (GMP) of ₹70 in the grey market today, higher than ₹50 yesterday.
The allotment of shares to the demat account of bidders will happen by May 16 and the shares of the company are expected to list on stock exchanges BSE and NSE on Tuesday, May 17, 2022.
In the initial share sale, the retail investors and eligible employees will get a discount of ₹45 per equity share and policyholders will get a discount of ₹60 per equity share.
Bids can be made for a minimum of 15 equity shares and in multiples of 15 equity shares thereafter.
At the upper end of the price band the government will garner around ₹21,000 crore.
DIPAM Secretary Tuhin Kanta Pandey had said the share sale of LIC has been trimmed to "right-size" it so as not to crowd out capital inflow to the market, and insisted that the issue is value accretive for all, especially for retail investors.
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