The Life Insurance Corporation of India (LIC) filed its draft red herring prospectus on Sunday, February 13, 2022, to kick-start the initial public offering (IPO) process. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that 31.6 crore shares are on offer representing 5% of the government’s equity in the firm.
The conclusion of the LIC’s share sale through an IPO by March 31, is critical for the government to achieve its disinvestment target for this year, even after it was pared down from ₹1.75 lakh crore to ₹78,000 crore.
