The predominant player in India's extra security market, Life Insurance Corporation, opens its first sale of stock for membership Wednesday in the country's biggest ever IPO.
Govt. is selling a 3.5% stake in LIC for $2.74 billion. LIC constitute 2/3 of the life insurance market in India.
The issue size is worth ₹21,000 crore, esteeming the country's biggest guarantor at ₹6 lakh crore. The IPO will be a proxy for foreign investor interest in India.
Government is selling a 3.5% stake in state-owned insurance behemoth LIC for an $2.74 billion. It will offer 22.13 million shares for between 902 and 949 INR or $11.78 to $12.39.
LIC is a safe house of reserve funds. In the range of 2019 and 2021, LIC's portion of family monetary reserve funds developed 3.4 rate focuses to 19.4%.
LIC had a monopoly in India’s insurance market until 2000 and is still the dominant player, commanding about two-thirds of the life insurance market.
Of the offers being offered, 20% is available to unfamiliar financial backers and 10% is reserved for policyholders.
LIC expected base of 250 million policyholders. As of March 2021, LIC's resource base had outperformed $520 billion, with ventures of $503 billion and asset of $470.70 billion.