The government has begun discussions with stakeholders to successfully go public in India’s Life Insurance Corporation (LIC) and prevent glitches. With over 2.7 billion rupees of direct customers nationwide, India’s largest IPO expects applications from interested investors from all regions of the country, especially Tier 2 and Tier 3 cities.
The Treasury Department’s Department of Financial Services (DFS) and the Department of Investment and Public Assets Management (DIPAM) have discussed issues that may reignite during and in preparation for LIPPO.
See ZeeBusiness Live TV Streaming below.
Last week, the two divisions discussed key issues and preparations with the Securities and Exchange Commission of India (SEBI) and the head of PSU Bank.
“DFS has instructed all banks to increase their ability to acquire IPO applications with ASBA (applications supported by blocked amounts),” said a source close to development.
LIC has more than Rs 2.7 billion policyholders who have priority in this IPO. The government also expects to open a number of demat accounts for this IPO.
“DFS, DIPAM and Sebi have made clear the message that banks need to return block money within the prescribed time period to block IPO applications,” another development source told Zee Business. ..
“Regulators usually get some complaints from social media that they haven’t released money to investors who haven’t acquired shares from banks,” the source said.
At this meeting, DFS and DIPAM suggested a timeline to submit DRHPs in January and March, hoping for a timeline that would hurt the market.
This is the largest IPO in the country, and the number of applications can be 10 times that of a regular IPO.
With over Rs 2.7 billion in policyholders at LIC, some employees and other investors have priority. IPOs typically offer applications of around Rs 500,000. However, this IPO is very numerous.
LIC employees can submit IPOs in three different categories. The first is the employee category, the second is the policyholder category (if he has an insurance policy), and the last is the general investor category.
Leaders of LIC IPO, SEBI, DFS, DIPAM and PSU banks meet to discuss roadmap
Source link Leaders of LIC IPO, SEBI, DFS, DIPAM and PSU banks meet to discuss roadmap