LIC IPO To Open On March 11: Reuters Report

A public offering of shares by India's state-run Life Insurance Corp (LIC), set to be the country's biggest ever at $8 billion, is expected to open for anchor investors on March 11, three sources with direct knowledge of the matter told Reuters.

The book will open for bidding by other investors a couple of days later, the Reuters report said quoting sources.

LIC recently filed the draft prospectus with the Securities and Exchange Board of India. LIC's IPO will be one of the largest in the history of the Indian markets and investors are eagerly awaiting for the same. The firm is offering millions of policyholders the option to participate in the IPO at a discount, and it is publicizing the offer on television and in full-page newspaper advertising. The LIC IPO will help the government's efforts to generate much-needed funds through privatizations, which are falling behind schedule.For the LIC policyholders, the portion reserved is equivalent to up to 10% of the total shares as offered as part of the LIC IPO which is entirely an OFS with no fresh equity issuance. Similar to other investors in the LIC IPO, policyholders needs to update their PAN details. Also, they need to be maintaining a demat account for subscribing to the issue offer.