The public issue of the life insurer Life Insurance Corporation of India (LIC) is all set to hit the market on May 4 and will raise Rs 21,000 crore from investors. LIC has fixed a price band of Rs 902-949 for the public issue.
It will have an estimated market capitalisation of Rs 6 lakh crore at the upper price band. The insurance bellwether has offered a special discount of Rs 45 per equity share to retail investors and employees of LIC whereas there is a discount of Rs 60 per equity share for policyholders.
Of the total issue size, 10 per cent has been reserved for policyholders whereas 1.5 million shares have been reserved for LIC employees. 35 per cent of shares have been reserved for retail investors whereas 50 per cent for qualified institutional buyers (QIBs).
Out of the QIBs portion, 60 per cent has been reserved for anchor investors on a discretionary basis.
State Bank of India’s digital banking platform – SBI Yono – is offering its customers the option to form Demat and trading accounts using its app to invest in the LIC IPO. The public-sector bank said in a tweet, “Start your investment journey today! Open your Demat and trading account on YONO now with no account opening charges and DP AMC completely waived off for first year. Download YONO now!”
Steps for SBI YONO Demat and trading account opening:
1. Open the SBI YONO app
2. Login to SBI YONO app
3. Go to the Investment section under the main menu
4. Click on Open Demat and Trading Account
5. Enter required details
6. Hit ‘confirm’ option
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