LIC's post-issue market cap will be ₹5,87,342.85. This is close to market giants like Reliance Industries or Tata Consultancy Services (TCS). The valuation is 1.1 times LIC’s embedded value of ₹5.4 lakh crore.

The finalisation of share allotment will happen on May 12, while refunds will be initiated on May 13. The credit of equity shares will be done on May 16, while trading in the LIC shares will start on May 17.

The company will be listed on both the BSE and NSE. After the public issue, the promoter (the government) will hold a 96.5% equity stake in the company, while 3.5% will be held by the public.

Axis Capital, Kotak Mahindra Capital, BofA Securities, Citigroup Global, Goldman Sachs, ICICI Securities, JM Financial, J.P.Morgan, Nomura Financial, and SBI Capital Markets are the book running lead managers of the issue.

Notably, there is no provision for diluting less than 5% of the equity in the Securities Contract Regulation Rules currently. The insurance giant would also need to dilute 10% and 25% equity in two and five years of listing, respectively, the rules suggest.

LIC had earlier filed the first DRHP with markets regulator Securities and Exchange Board of India (SEBI) on February 13, followed by a corrigendum on February 16 to include financial results for the December quarter. The markets watchdog had given its approval to the draft IPO papers on March 8, making it one of the fastest DRHPs to be processed.

State-run LIC is the largest life insurer in India, with a 61.6% market share in terms of premiums and a 61.4% market share in terms of new business premiums. The company commands a 71.8% market share in terms of the number of individual policies issued.

Even with the reduced issue size of over ₹20,557 crore, LIC will be the largest IPO in the country, outdoing Coal India’s ₹15,500 crore IPO in 2010 and Reliance Power’s ₹11,700 crore IPO in 2008.

It is the largest asset manager in India as of December 31, 2021, with assets under management worth ₹40.1 lakh crore, on a standalone basis, which is 1.1 times the entire Indian mutual fund industry’s AUM. Its product portfolio covers various segments including savings insurance, term insurance, health insurance, annuity and pension products and unit-linked insurance products.

LIC IPO issue size

It's official! LIC IPO to open on May 4; to sell 3.5% stake