LIC IPO Likely To Hit Market On May 4, Close On May 9: Reports

New Delhi: The much-awaited Initial Public Offering (IPO) of the country's largest insurer LIC will be open on May 4 and close on May 9.

''The government is likely to sell a 3.5 percent stake in Life Insurance Corporation (LIC) through an initial public offering which will hit the markets in the first week of the next month,'' reports quoted an official as saying.

The issue size is expected to be worth Rs 21,000, valuing the country's largest insurer at Rs 6 lakh crore.

Initially, the IPO was planned to be launched in March, but the Russia-Ukraine crisis has derailed the plans as stock markets are highly volatile.

In February, the insurance company had filed draft papers with the Securities and Exchange Board of India (SEBI) stating that it would sell a 5 percent stake or 31.6 crores shares in the insurer.

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