LIC IPO: DHRP filed with SEBI, govt to offload 5% stake

Sebi's approval for LIC IPO is expected to come in three weeks. The DHRP of the LIC IPO does not reveal the size of the IPO, but it is 100 per cent OFS with no fresh issue

The government will sell 5 per cent of its stake in Life Insurance Corporation (LIC), through an initial public offering (IPO), of which 100 per cent is offer for sale. LIC filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi) on Sunday, thus setting the wheels in motion for the country’s largest-ever IPO.

The market regulator, according to sources, is expected to give its nod for the LIC IPO in three weeks. The Union government has often reiterated that the public issue of LIC will happen within the current financial year