New Delhi: Life Insurance Corporation (LIC) of India's initial public offer is likely to hit public markets in the month of March 2022. The offer is pegged to be the largest ever IPO in the history of Indian markets, much larger than Paytm and Coal India's IPO. The LIC IPO could open for subscriptions on March 11, 2022, for anchor investors, according to several media reports. Other investors, such as retail investors, will be able to subscribe to LIC IPO in the next few days.
LIC is also offering a discount on IPO shares to its policyholders. The insurer had noted that policyholders are required to link their PAN cards to become eligible for availing discount on LIC IPO shares.
“A policyholder of our Corporation shall ensure that his / her PAN details are updated in the policy records of our Corporation at the earliest. A policyholder who has not updated his / her PAN details with our Corporation before the expiry of two weeks from the date of the filing of this Draft Red Herring Prospectus with SEBI (i.e., by February 28, 2022) shall not be considered as an Eligible Policyholder,” LIC said in a statement.
Moving ahead with its IPO, LIC has filed the Draft Red Herring Prospectus (DRHP) with the SEBI early this month. The DRHP, which is filed ahead of the IPO, outlines the company’s details and growth expectations.
LIC is likely to sell a five per cent equity stake owned by the Indian government with the IPO. Employees working at the LIC will also receive IPO shares at a discounted price.
How to link PAN card with LIC policy:
Step 1: Firstly, you need to visit the official LIC website, www.licindia.in
Step 2: Go to the ‘Online PAN Registration’ option.
Step 3: Select the ‘Proceed’ option.
Step 4: Share your e-mail ID, PAN number, mobile phone number and policy number
Step 5: Complete the Captcha verification.
Step 6: Select the ‘Get OTP’ button.
Step &: Enter the OTP.
Step 7: Click on the ‘Submit’ option. Also Read: LIC`s $8 billion IPO could launch on March 11: All you need to know
Step 8: A message for the success of the PAN linking process will be shown on the screen. Also Read: LIC IPO opening on THIS day? 10 important things to know
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