Draft LIC IPO prospectus to be filed by next week: DIPAM Secy
   Date :03-Feb-2022

LIC IPO 
 
 
NEW DELHI,
 
The Government is likely to file draft papers for the mega initial public offering of LIC with market regulator Sebi by next week, while a portion of the issue would be reserved for anchor investors, a top official said on Wednesday.
In an interview with PTI, Tuhin Kanta Pandey, Secretary to the Department of Investment and Public Asset Management (DIPAM), said approval of the insurance regulator is awaited, post which the draft prospectus, detailing the size of the share sale, will be filed. The issue, after approval of SEBI, is likely to hit the market in March, he said.
LIC’s listing is crucial for the Government to meet the lowered revenue estimates of Rs 78,000 crore for the current fiscal. The Government has so far raised about Rs 12,000 crore from privatisation of Air India and stake sale in other PSUs. Finance Minister Nirmala Sitharaman in her 2022-23 Budget speech had said: “The public issue of the Life Insurance Corporation of India is expected shortly.”
Pandey said the embedded value of Life Insurance Corporation (LIC) has been arrived at and it has to now get clearance from insurance regulator IRDAI.
“Within 7-10 days, the DRHP (Draft Red Herring Prospectus) for LIC IPO will be filed. Informally, we have been consulting SEBI on various issues. The size of the issue would be mentioned in the DRHP,” he said.
The Government aims to come out with the initial public offer (IPO) and subsequently list LIC on the bourses by March, he said. “A portion of IPO would be reserved for anchor investors as done in case of IRFC,” he said. and RailTel,” he said.