Indian Securities and Exchange Agency (SEBI) has cleared the Draft Red Herring Prospectus (DRHP) of the Corporation of Indian state-owned life insurance (LIC). Investment banking sources say what is called the final observation is issued by the market regulator on Tuesday night After a market regulator nod to IPO letters, insurance companies can launch their share sales. However, it might not launch the IPO immediately remember the current volatile market conditions.
Investment bankers say they want to wait until an increase in market sentiment The benchmark index has lasted more than 8 percent this year amid a surge in global oil prices after Russian attacks on Ukraine The government plans to divest 5 percent of the shares through the IPO to MOP among Rs 60,000 Crore and Rs 65,000 Crore. This will be a LIC PEG value between Rs 12 trillion and Rs 13 trillion, making it the third most valuable Indian registered company Mega offers will come when foreign portfolio investors (FPI) have reached the exit button. They have spent more than Rs 1 trillion from domestic shares this year, so far.
The IPO will test the tastes and depth of the domestic market because it will so far the largest selling sales in India. IPO Paytm worth RS 18,300 Crore currently holds a record. Paytm shares have hit more than 60 percent since the list.
Lic, which is a household name in this country, thanks to more than 250 million policy holders, has created a significant breakthrough among retail investors. The insurer is a banking on a large subscription of individual investors.
Quick approval
LIC is one of the fastest to get approval sebi for its IPO, only 24 calendar days. Government-owned insurance companies have submitted DRHP on February 12 According to the data provided by the main database, this is the fastest SEBI that has cleared the DRHP since 2020. Previously the record was organized by Mrs. Bector Food, IPO which took 30 days to get a final observation, while the state-owned corp railtel took 32 days. However, if someone sees historical data, for ipos at least Rs 500 Crore, Bank of India at 11 days hold a record for the fastest approval, showing the main data, followed by Maruti Udyog (now Maruti Suzuki) at 12 days Under Sebi Regulations, regulators can issue observations within 30 days after submitting the offer document if certain conditions are fulfilled. These include investment bankers, regulators or other institutions, satisfactorily reply to additional clarification or information sought by Sebi. Last week, Sebi had been looking for clarity from investment bankers who handled LIC stock sales. The source said the query was routine.
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