Home Business LIC reaches its policyholders by way of SMS on IPO eve

LIC reaches its policyholders by way of SMS on IPO eve

LIC reaches its policyholders by way of SMS on IPO eve

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NEW DELHI: Forward of its preliminary public providing (IPO), insurance coverage behemoth LIC on Tuesday approached its policyholders by SMS and different medium to tell them concerning the share sale.
The IPO of LIC opens for retail and institutional buyers on Wednesday and can shut on Could 9.
LIC has mounted the worth band at Rs 902-949 per fairness share for the problem. The supply features a reservation for eligible workers and policyholders.
The retail buyers and eligible workers will even get a reduction of Rs 45 per fairness share and policyholders will get a reduction of Rs 60 per share.
The share sale is thru an Supply-For-Sale (OFS) of as much as 22.13 crore fairness shares. The shares are prone to be listed on Could 17.
“LIC filed pink herring prospectus(RHP) dt 26.4.22 with SEBI/Inventory Exchanges for its IPO reserving shares for eligible policyholders. For particulars & dangers in investing in LIC IPO and disclaimers, see RHP and hyperlinks….,” mentioned the SMS despatched by the insurer to the policyholders on their registered cell numbers.
LIC has been informing concerning the IPO for a number of months by varied channels together with print and TV commercials.
Earlier within the day, LIC knowledgeable it has garnered a little bit over Rs 5,627 crore from anchor buyers led primarily by home establishments.
Anchor Traders’ (AIs) portion (5,92,96,853 fairness shares) was subscribed at Rs 949 per fairness share, the insurer mentioned in an early morning submitting to inventory exchanges.
The nation’s largest insurer diminished its IPO measurement to three.5 per cent from 5 per cent determined earlier because of the prevailing market situation.
Even after the diminished measurement of about Rs 20,557 crore, LIC IPO goes to be the most important ever within the nation.
To this point, the quantity mobilised from the IPO of Paytm in 2021 was the biggest ever at Rs 18,300 crore, adopted by Coal India (2010) at almost Rs 15,500 crore and Reliance Energy (2008) at Rs 11,700 crore.
LIC was shaped by merging and nationalising 245 non-public life insurance coverage firms on September 1, 1956, with an preliminary capital of Rs 5 crore.
Its product portfolio includes 32 particular person merchandise (16 collaborating merchandise and 16 non-participating merchandise) and 7 particular person non-compulsory rider advantages. The insurer’s group product portfolio includes 11 group merchandise.
As on December 2021, LIC had a market share of 61.6 per cent when it comes to gross written premium, 61.4 per cent when it comes to new enterprise premium, 71.8 per cent when it comes to the variety of particular person insurance policies issued, and 88.8 per cent when it comes to the variety of group insurance policies issued.

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