The price band for the initial public offering, which will open to the general public and policyholders on May 4 and run till May 9, is Rs 902-Rs 949 per equity share. Policyholders will receive a Rs 60 reduction per equity share, while employees and retail investors will receive a Rs 45 discount. The share allotment is expected to take place on May 12 and the company will be listed on May 17.

The initial public offering is likely to raise up to Rs 21,000 crore. Its market capitalization is Rs 6,00,000 crore, or 1.11 times the embedded value of Rs 5,40,000 crore. A bidder can buy a minimum of one lot, which consists of 15 shares, and multiples of 15 after that, up to a maximum cap of 14 lots.

Retail investors will be able to participate in 35% of the IPO, while policyholders will be able to participate in 10% of the IPO shares. 50% of the shares will be available to qualified institutional buyers. The remaining 5% is set aside for non-institutional purchasers.