LIC dominates India’s insurance sector, with more than 28 crore policies.New Delhi:
The much-awaited initial public offering (IPO) of Life Insurance Corporation of India, which opened for subscription today, will remain open for retail investors to bid for an extra day. The LIC IPO will take subscriptions even on Saturday (May 7), an unusual move aimed at attracting more investors. On the first day of bidding, the public issue’s more than one-third portion was booked with the policyholder category subscribed 1.22 times. Here’s Your 5-Point Cheat-Sheet To This Story:The issue, set to close on May 9, will offer a discount to employees and retail investors of Rs 45 per share. LIC policyholders will get a discount of Rs 60 per share.The price range for the issue has been set between Rs 902 and 949 apiece.The government had initially wanted to list LIC in the financial year that ended March 31 but chose to delay the sale after Russia’s invasion of Ukraine and the U.S. Federal Reserve’s interest rate tightening.LIC dominates India’s insurance sector, with more than 28 crore policies.In terms of insurance premium collection in 2020, LIC was the fifth-biggest global insurer.
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