LIC IPO date 2022 price lic ipo gmp

LIC IPO likely to open on May 4, close on May 9

Sebi has given its nod to the updated DRHP that lists a 3.5 percent stake sale, 
as against 5 percent as mentioned in the previous draft papers.
The issue is expected to close on May 9, the report said, adding that the anchor
 book for the LIC IPO is likely open on May 2.
The Securities and Exchange Board of India has given its nod to the updated
 draft red herring prospectus, which lists a 3.5 percent stake sale instead of 
 5 percent as mentioned in the previous draft papers, the news channel reported.
The revised DRHP was submitted before the market regulator last week. 
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.
The LIC board, the news channel learnt from sources, will meet this week to 
finalise the price band for the IPO. As per the LIC Act, the government can
 reserve up to 10 percent for the policyholders.
By seeking Rs 21,000 crore for the revised holding on the block, as stated 
in the reports, 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 65,000 crore 
for 2022-23, up from Rs 13,531 crore last fiscal.
The previous draft papers related to the IPO was filed with the Sebi in February, 
when the government had stated that it plans to sell 31.6 crore shares in a 5 percent stake sale in the state-run insurer.