Biznextindia : Public sector Life Insurance giant Life Insurance Corporation (LIC) has filed the draft red herring prospectus (DRHP) of its mega IPO with the Securities Exchange Board of India (SEBI). Through the IPO, LIC intends to sell 5% of its equity comprising of 316,249,885 equity shares of face value of Rs.10 each.
The move follows approvals from the insurance regulator IRDAI and the insurance behemoth’s board earlier this week.
Finance Minister Nirmala Sitharaman in her budget speech on 1st February had announced about the LIC IPO.
The IPO expected to be the biggest IPO in the history of Indian capital markets. Currently, the Rs.18,300 crore issue by Paytm last November is the largest IPO ever in India. Prior to that, the record of largest IPO was held by Coal India, which had raised around Rs 15,000 crore via an IPO in 2010.