LIC IPO to open on May 4 and end on May 9; govt to sell 3.5% stake

The LIC board approved the issue size at 3.5 percent, or roughly 22.14 crore shares, on Saturday.

New Delhi: The government announced on Monday that the Life Insurance Corporation of India's initial public offering (IPO) is expected to commence on May 4 and end on May 9.

The government has reduced the IPO size by 1.5 percentage points, or approximately 9.4 crore shares.

The LIC board approved the issue size at 3.5 percent, or roughly 22.14 crore shares, on Saturday.

The government proposed offering 31.62 crore shares, or about 5% of the total number of equity shares, in the Draft Red Herring Prospectus (DRHP) filed with SEBI on February 13.

With a 5% stake dilution, the LIC IPO would be the largest ever in Indian stock market history.