LIC IPO | Read here the key highlights of draft papers

LIC IPO | Read here the key highlights of draft papers

The IPO consists of an offer for sale of upto 316.25 million shares by the government of India.





February 13, 2022 / 11:22 PM IST





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Life Insurance Corporation of India on February 13 filed a draft red herring prospectus with Securities Exchange Board of India(Sebi) to raise funds via initial public offering. Currently, the government holds 100% stake in the firm.

Here are the highlights of the draft papers:

Issue size: The IPO consists of an offer for sale of upto 316.25 million shares or around 5% stake by the government of India.

Lead managers to the issue: Kotak Mahindra Capital, Axis Capital, Bofa Securities, CItigroup Global markets India, Nomura Financial Advisory, Goldman Sachs India Securities, ICICI Securities, JM Financial, JP Morgan India, SBI Capital.

Background: The firm has been providing life insurance in India for more than 65 years and is the largest life insurer in India, with a 64.1% market share in terms of premiums (or GWP), 66.2% market share in terms of New Business Premium (or NBP), a 74.6% market share in terms of number of individual policies issued.

It holds 81.1% market share in terms of number of group policies issued for fiscal 2021,