The state-owned Life Insurance Corporation of India (LICI) will launch its initial public offering (IPO) for anchor investors on Monday. It will be open to the general public from May 4 through May 9. The government intends to dilute 3.5 percent of its stake in order to raise around Rs 21,000 crore.

The price range for equity shares is set at Rs 902- Rs 949. It will be available to the entire public on March 4. On May 17, the LIC IPO will be placed on the stock exchange.

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According to a Mint report, the projected maiden public offer, which is expected to be one of the largest IPOs in the country, has garnered investment pledges around Rs 13,000 crore from anchor investors, more than twice the value of shares available to such investors.

Up to 50% of the offer is allocated for qualified institutional placements (QIPs), which include anchor investors. While 35% is set aside for retail investors and 15% for high-net-worth individuals, 10% is set aside for policyholders.

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Here are five things to keep in mind about the LIC IPO:

1) Following the IPO, LIC will be led by a professional board of nine independent directors, nine of whom have already been appointed. According to a PTI report, LIC managing director Siddhartha Mohanty stated that the position of chairman will be held till 2024, after which it will be replaced by the positions of MD and CEO.

2) According to PTI, the LIC has 40 lakh crore in assets under management (AUM) and reserves of Rs 30 lakh crore, giving it the highest market leadership in India’s life insurance market.

3) Previously, the government announced a 5% IPO size, which was reduced to 3.5% last month owing to market conditions.

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4) In September, the company’s embedded value – or measure of consolidated shareholders’ worth in an insurance firm – was assessed to be Rs 5.4 lakh crore. Milliman Advisors, an international actuarial firm, conducted the evaluation.

5) The LIC IPO is expected to contribute significantly to the government’s disinvestment profits in this fiscal year, or FY22. The government had estimated disinvestment receipts at 65,000 crore, up from Rs 13,531 crore in the previous year.