Centre files DRHP with SEBI for LIC IPO

The government-owned Life Insurance Corporation of India (LIC) filed its draft red herring prospectus (DRHP) for its mega initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) today, February 13.

"The DRHP of LIC IPO has been filed today with the SEBI," Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey wrote in a tweet.

In a tweet, DIPAM Secretary said that the insurer has filed its DRHP with SEBI.

The issue, after Sebi's approval,



is likely to hit the market in March. As per the DRHP, up to 31,62,49,885 (31.62 crore) equity shares are on offer for sale (OFS).

LIC's embedded value has been finalised at more than 5 trillion rupees (USD 66.82 billion), a government official overseeing the country's largest IPO had told Reuters.

The embedded value will help to establish a market valuation and determine how much money the government raises in the flotation. LIC's market valuation has been projected at around four times the embedded value, a Reuters report said.