LIC’s IPO is likely to open on May 4

The Life Insurance Corporation’s (LIC) most

awaited public issue offer is likely to open on May 4 and close on May 9, according to sources, who said that the exact timelines would be confirmed post-April 27.

The exact date ranges and other details of the LIC’s initial public offering (IPO) will be confirmed next week, the sources added.

This comes on the heels of the LIC board approving a cut in its IPO issue size to 3.5 per cent from 5 per cent, according to sources.

The government is now anticipated to sell 3.5 per cent of its stake in LIC for 21,000 crore, subject to the approval of the capital markets regulator Securities and Exchange Board of India, SEBI.

That would value the insurance behemoth at 6 lakh crore.