LIC Gets Sebi Nod to Launch India's Biggest Ever IPO, Will it be Launched or not Check Details

LIC Gets Sebi Nod to Launch India's Biggest Ever IPO, Will it be Launched or not Check Details

Securities and Exchange Board of India (SEBI) has approved the public listing of Life Insurance Corporation of India (LIC). LIC had in February filed its draft papers with the market regulator. 316 million shares of the insurer will be sold through the IPO. The government wants to sell about 5% of the company or about 316 million shares. People who work in investment banking say that Sebi made the so-called final observations on Tuesday night. This is Fastest go-ahead given by SEBI to LIC's IPO. The insurance company had filed its DRHP on February 12. A company can start selling shares once a DRHP gets the final go-ahead from the government. There have been news that the government might postpone the huge sale until the next financial year, which starts on April 1. This is because of the ongoing conflict between Russia and Ukraine. Government going to sell 5% of the Life Insurance Corporation (LIC), which could make the government more than 60,000 Crore. LIC is owned by the government, which owns 100% of the Stake. The government was hoping to raise between Rs 60,000 crore and Rs 75,000 crore in the IPO. A value of between Rs 12 trillion and Rs 15 trillion would be put on LIC by this. IPO approvals are valid for a period of 12 months from the date of Sebi's final observation. In the past, Paytm's biggest IPO, worth Rs 18,300 crore, had flopped. Shares in the company fell more than 60%.