LIC May File For IPO By 3rd Week Of January: Report

The IPO of LIC is poised to be the biggest equity offering in India at Rs 1 lakh crore

LIC IPO: Image Getty

New Delhi: The Life Insurance Corporation of India (LIC) is likely to start filing its draft papers for initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) by third week of January, according to a report in The Times of India.

Quoting sources, the report said top LIC officials shared the date of the public listing with global investors. However, it may be noted that finance ministry officials have maintained that listing of the LIC would be completed by FY22.

The IPO of LIC is stated to be the biggest equity offering in India at Rs 1 lakh crore.

According to the report, LIC officials have told investors the company is increasing its focus on non-participating products — pension, annuity, health insurance, ULIPS for example — as part of its plan to diversify the product mix, and increase the sales of its existing non-participating. LIC also plans to launch new non-participating products.

There were reports suggesting that LIC IPO might get delayed also. In connection to the reports of the delay in the IPO of LIC, the government two weeks before had clarified its stance dismissing speculations saying it is on course for the IPO in the last quarter of this fiscal year.

In a tweet, DIPAM Secretary Tuhin Kanta Pandey expressed confidence that IPO plans of LIC are on course and it would happen in the January-March quarter of 2021-22. It is reiterated that the plan is on course for the IPO in the last quarter of this fiscal year, he tweeted.

Other than LIC, Byju’s, Ola, Delhivery, and other companies are also planning to get listed in early 2022.