Insurance behemoth Life Insurance Corporation of India
(LIC) is all set to hit the primary market next month. LIC chairman MR Kumar
said the time has come for LIC to be listed. “I believe all LICians will work
together to make it a huge success, and from now on we will call it LIC
3.0,” said MR Kumar.

“LIC struggled in the first two decades to sell
insurance in India and it gained momentum in the 70s and 80s. That was LIC 1.0.
Then it adapted to the competition, which was LIC 2.0. And now this is LIC
3.0”, added Kumar.

Also Read | LIC IPO to open on May 4, issue price fixed at Rs 902-949

LIC’s public issue will open from May 4 to May 9 to the
general public. For the anchor investors, the issue opened on May 2.

The price band for the issue is fixed at Rs 902-949 per
share, at the face value of Rs 10 each.

For policyholders, 10% of the LIC IPO is reserved and
they will get a discount of Rs 60 per share on the issue price. Retail
investors and employees will be given a discount of Rs 45 per share. The
employee reservation portion will be 5% of the post-offer equity share capital.

Also Read | Elon Musk’s Twitter takeover means early Christmas for Morgan Stanley

More than 9.88 crore shares are reserved for Qualified
Institutional Buyers (QIBs) and more than 2.96 crore shares for
non-institutional buyers.

Investors can bid for a minimum of 15 equity shares and
in multiples of 15 equity shares thereafter.

Also Read | Adani Group beats HDFC in market cap, becomes third-largest conglomerate

The issue will be managed by 10-book running lead
managers including Kotak Mahindra Capital, SBI Caps, ICICI Securities, Goldman
Sachs, JM Financial, Axis Capital, JP Morgan, Nomura, Citigroup, and Bank of
America Securities.

The allotment of shares to the Demat account of bidders
will happen by May 16, after which LIC would commence trading of equity shares
in the stock exchanges and list “on or about May 17”.

Also Read | Tesla’s valuation falls by $126 billion amid Elon Musk’s Twitter takeover

On April 23, the LIC board approved a revised IPO issue
size to 3.5% from 5%. The government will now sell 3.5% of its stake in LIC for
Rs 21,000 crore, valuing the company at Rs 6 trillion.