LIC IPO likely to open on May 4, govt aims to offload a 3.5 % stake

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"The long-awaited IPO of insurance behemoth Life Insurance Corporation (LIC) has been cleared and an official announcement is likely in the coming days."

"Sources said, that India's mega IPO is slated to open on May 4 and close on May 9, 2022. For anchor investors, the issue will open on May 2, 2022."

"Valued at Rs 6 lakh crore, the IPO has been widely anticipated by investors."

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"In February, the government had planned to sell 5 per cent stake in LIC. However, the ongoing market volatility due to the Russia-Ukraine war has made it lower the IPO size."

"The revised DRHP was submitted before the market regulator last week."

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"The government, which wholly owns the insurance behemoth, plans to raise an amount of Rs 21,000 crore by selling around 22 crore shares which is equivalent to a 3.5 percent stake."

"By seeking Rs 21,000 crore for the revised holding on the block, the government is targeting a valuation of Rs 6 trillion for the insurer."

"The IPO, notably, holds the key to the Centre's plan to meet its disinvestment targets. The government has pegged divestment receipts at Rs 65000 crore for 2022-23 up from Rs 13531 crore last fiscal"

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