LIC updates IPO papers with Sebi

Mumbai: Life Insurance Corp. of India (LIC) on Monday filed updated documents for its proposed initial public offering, billed as the biggest primary issue in the country to date. The fresh filing includes the insurer's financial details up to December quarter, bankers said.

In February, LIC had filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi), which approved the issue on March 7.

LIC has posted a net profit of ₹235 crore in the December quarter and ₹1,672 crore in the April-December period, the updated DRHP showed.


Last week, a government official had said it had time until May 12 to launch the LIC IPO without filing fresh papers with Sebi.

The government had earlier planned to launch the mega LIC IPO during the last week of March, but plans were deferred due to the turmoil in the markets after the Russian invasion of Ukraine. The government intends to sell 5% stake in LIC, which could fetch the exchequer in excess of ₹60,000 crore.

About 316.2 million shares of LIC will be sold by the government that owns 100% of the insurance behemoth. A total of 50% of the net issue would be reserved for qualified institutional buyers (QIBs), while 15% will be set aside for non-institutional buyers. The retail portion has been fixed at 35% of the offer.