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Life Insurance Corporation of India (LIC) is coming out with an initial public offering (IPO) to raise around Rs 21,000 crore. The issue will open on May 4, 2022 and will close on May 9, 2022. It has fixed a price band of Rs 902-949 per share. The shares of the company are proposed to be listed on both BSE and NSE.

With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to divest its 3.5 per cent stake in the state-run insurer by selling 22.13 crore shares. The retail investors and eligible employees will get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per equity share. As many as 10 merchant bankers, including Kotak Mahindra Capital, Goldman Sachs (India) Securities, Citigroup Global Markets India and Nomura Financial Advisory and Securities (India), are managing public issue. 

Life Insurance Corporation, popularly known as LIC is Indian state-owned insurance group and investment company.