LIC board likely to file revise IPO papers next week: Reports

13 Apr 2022 , 04:14 PM

According to the media reports, the Life Insurance Corporation (LIC) of India’s board will likely meet over the weekend to finalise its results for FY22. The company will file a revised public offer document by mid-next week.

Roadshows for the initial public offer (IPO) would start soon after and the issue is expected to open by the end of the month, the media reports added.

LIC IPO was initially set to launch in late March 2022, prior to the financial year 2021-2022 ending, however, it had to be deferred to FY23 due to high volatility in markets led by the aggravating Russia-Ukraine crisis.

Further, the media reports also stated that the Indian Government is also planning to reduce the Life Insurance Corporation (LIC) public offer valuation by 30 per cent to make the issue more attractive despite concerns about soaring inflation, imminent interest rate hikes, and uncertainty surrounding the Russian invasion of Ukraine that has rattled markets across the world.

The government may also file an updated draft red herring prospectus (UDRHP) for the IPO with the Securities and Exchange Board of India (Sebi), the media reports added.