The IPO of the country's largest insurance company LIC is about to launch next month. There is a lot of enthusiasm among the policyholders regarding this IPO. This can be gauged from the fact that the work required for investment in this, that is, the number of people updating the PAN card from the account has increased from 60 to 70 lakhs in the last few days.
PAN Update Mandatory Process
Giving information, LIC Chairman MR Kumar said that updating PAN numbers is a mandatory process for IPO applications under the LIC policyholder's quota. He appealed that those who have not done this important work till now, then they should complete it immediately. Giving information, Kumar said that there has been a lot of interest among the policyholders regarding this biggest IPO in the history of the country.
Company helping policyholders
LIC is also helping policyholders who do not have Demat accounts to make their IPO a success. According to Kumar, we are helping policyholders in all our offices to help them link PAN numbers. For policyholders who do not have Demat accounts, we have also requested NSDL and CDSL to help. Because LIC cannot do it directly.
Reserve the share of employees-policy holders
It is worth noting that in LIC's IPO, 10 percent of the share can be reserved for policyholders, while five percent can be kept in reserve for the employees of the company. Let us inform that according to the draft document (DRHP) of LIC submitted to the market regulator SEBI, it has been clearly stated that if the policyholder does not update his PAN by 28 February 2022, then he will be eligible to participate in its IPO. will not be entitled.
The government is selling a 5 percent stake
Under the LIC IPO, the government is selling its five percent stake. Explain that the government has a 100 percent stake in LIC, which will remain 95 percent even after the IPO. According to the recently released reports, LIC's IPO can be launched on March 11. With this, the government will raise about $ 8 billion. Its price band can be kept between 2000 to 2100 rupees.
Offer for Sale IPO
This IPO of LIC will be the biggest IPO to date. As per the DRAP submitted to SEBI, the issue of LIC will be purely offered for sale. In this, the government will issue 31.6 crore shares under its 5 percent stake. According to the report, the embedded value of the company will be Rs 5.4 lakh crore. Normally the market cap of an insurance company is four times this value. According to this, the market value of LIC will be $ 288 billion i.e. about Rs 22 lakh crore and LIC will become the largest valued company in the country.
Update PAN details in 10 steps
Visit the official website of LIC.
Select the option 'Online PAN Registration' on the homepage.
Now click on 'Proceed' on the registration page.
On the new page, enter PAN, email, mobile number, and policy number.
After that enter the captcha code correctly.
Now click on OTP request.
OTP will come on your registered mobile number.
Now enter the OTP at the designated place and submit it.
After this, you will get the message of successful registration.
Then check the status by date of birth, policy-PAN number.
Also Read: LIC IPO: 4 big things related to LIC, if you intend to invest in the company's IPO, then first know them
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