New Delhi: Life Insurance Corporation (LIC) is set to launch its big-money initial public offering (IPO), which is expected to be the largest IPO ever in the history of Indian markets. According to media reports, LIC’s IPO will open for subscription on March 11 for flagship investors. For other types of investors, including retail investors, LIC’s IPO will open in the coming days.
LIC has previously pointed out that policyholders are required to link their PAN cards to become eligible for LIC IPO subscription. “A policyholder in our company should ensure that their PAN details are updated on our company’s policy records at the earliest opportunity. A policyholder who has not updated their PAN details with our company before the expiration of two weeks from the date of filing of this draft Red Herring Prospectus with SEBI (i.e. i.e. before February 28, 2022) will not be considered eligible. Insured,” LIC said in its statement.
LIC filed the draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) last week. The DRHP is filed prior to the IPO and it outlines business details and growth expectations.
The public insurer plans to sell a 5% stake held by the Indian government in the next IPO, according to the DRHP document. Employees working for LIC will receive IPO shares at a reduced price.
How to bind the PAN map to the LIC policy
Step 1: Go to the official website of the LIC, www.licindia.in
Step 2: Select the “Online PAN Registration” option on the homepage.
Step 3: Click on the “Continue” option.
Step 4: Enter email id, PAN number, mobile number and police number
Step 5: Complete the Captcha verification and click the “Get OTP” button.
Step 6: Enter OTP received on mobile number in the given box on the screen.
Step 7: Select the “Submit” option. Also Read: LIC’s $8 Billion IPO Could Launch March 11: Everything You Need to Know
Step 8: You will see a message indicating the success of the PAN binding process. Also Read: LIC IPO Opening That Day? 10 important things to know