LIC IPO Live: LIC DRHP likely today for India’s largest IPO; issue size, investor quota details expected

Life Insurance Corporation (LIC) may file the Draft Red Herring Prospectus (DRHP) for its IPO today, according to market participants. Reports suggest LIC’s board will meet today to finalise the details of the IPO, and eventually file papers with the market regulator SEBI. The street is eyeing details including the issue size, OFS, and various investor quotas. Earlier this week Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told the Financial Express that LIC could file the draft IPO papers by Thursday or Friday. The embedded value of LIC was finalised a week ago at over Rs 5 lakh crore. The public issue may help the government reach its revised divestment target of Rs 78,000 crore, cut down from the initial target of Rs 1.75 lakh crore. LIC’s IPO is expected to hit the street before the end of this fiscal year.