IPO-bound state-run insurer Life Insurance Corporation of India (LIC) is expecting between 7.5 and 10 lakh retail investors to apply for its stock market debut, a media report said.
The investors are expected to contribute as much as Rs 25,000 crore to the total sale in the IPO period, The Economic Times reported, with the average ticket size expected to be between Rs 30,000-40,000, according to people familiar with the matter.
The IPO, valued at around Rs 60,000 crore, is likely to launch by March 11 for anchor investors, with bidding opening for other investors a few days later.
The government is rushing to complete the IPO by the end of March to meet its 2021/22 fiscal deficit target of 6.4 per cent of gross domestic product (GDP), which is contingent on it raising around Rs 60,000 crore from the issue.
"Investment bankers are moving aggressively to tap individual participation amid a good number of interests from them across the country," a senior executive involved in the share sale told ET on condition of anonymity.
(With agency inputs)
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