Life Insurance Corporation’s (LIC) highly anticipated initial public offering (IPO) is set to open on May 4 and close on May 9, 2022, sources said. business today Monday.

The LIC Board will meet tomorrow to approve the above dates in principle.

The government will table the RHP on Wednesday morning with key details on the issue price, discounts and reservation.

The issue size of LIC’s IPO is expected to be Rs 21,000 crore or about 22.14 crore shares.

The government is aiming to offload 3.5% of its stake in the insurance giant, subject to regulator approval.

Earlier in the day, the Indian government had filed an updated draft red herring prospectus (DRHP) for the IPO, sources confirmed to Business Today.

The government is considering selling a 3.5% stake in LIC, a senior government official and banking source told Reuters on Saturday.

LIC’s IPO was originally scheduled for March. However, due to prevailing geopolitical tensions such as Russia’s invasion of Ukraine, the IPO was pushed back.

The intrinsic value of LIC has been pegged at around Rs 5.4 lakh crore as of September 30, 2021 by international actuarial firm Milliman Advisors. Embedded value is a measure of the consolidated shareholder value of an insurance company.

(With contributions from Karishma Asoodani, Rahul Srivastava)

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