India’s Life Insurance Corporation (LIC) fixed a price band of ₹902-949 a share for its ₹21,000-crore initial public offering (IPO)
LIC would offer a ₹60 discount for policyholders and ₹40 for retail investors and employees.
At an expected mop-up of ₹21,000 crore, the LIC IPO will be the largest public issue in the history of the Indian capital market as the government will dilute 3.5 percent stake in the state-run insurance giant by selling around 22 crore shares
LIC has reserved 10 percent of the issue size for policyholders, and 5 percent for employees, and also plans to give a discount to them in the IPO. The discount for the policyholders and employees will reportedly range from 5 percent to 10 percent. LIC has reserved up to 35 percent of its total IPO size for retail investors.