In the Lok Sabha Minister of State for Finance Pankaj Chaudhary on July 19 announced that LIC IPO will be opened in the ongoing fiscal year 2021-22 itself. This is the same as per the announcement made in the Budget 2021 wherein the finance minister stated that the LIC IPO shall be completed in the next FY.
The statement by the Minister of State for Finance was made in a reply to a query pertaining to LIC IPO during the first day of the monsoon session. On July 15, the DIPAM released the RFP for selecting Book Running Lead Managers and other advisers for the LIC IPO.
The IPO shall be reserved for LIC policyholders up to the extent of 10% and thus the company has already started to create a list of all eligible LIC policyholders. On the expectation of the biggest ever IPO in the history and anticipating huge demand for it, there is seen opening of as many as 1 crore demat accounts. Through the LIC divestment, the centre aims to realize its divestment goals.
The Finance Minsitry earlier iterated that the IPO size of LIC shall be far larger than any of the earlier issue.