The much-awaited Initial Public Offering (IPO) of Life Insurance Corporation of India (LIC) will open for investors Wednesday.
It will remain open to subscription till May 9. The indicative price range has been set at 902 to 949 rupees per share. 5,620 crore rupees worth of shares have been set aside for anchor investors. The anchor investor portion of the IPO, which opened on Monday, has been fully subscribed at 949 rupees per share.
The government is selling more than 22 crore 13 lakh shares of LIC targeting to raise about 21,000 crore rupees.
The allotment of shares to the Demat account of bidders will happen by May 16. The IPO will list for trading on May 17.