Countdown begins: LIC's Initial Public Offering to commence on May 4, ends on May 9

The insurance major has fixed the price band at Rs. 902 anto Rs. 949.

Investors can bid for a minimum of 15 Equity Shares and in multiples of 15 Equity Shares thereafter.

Siddhartha Mohanty, MD, LIC of India said during a press conference in Kolkata on Friday: "LIC is synonymous with life insurance with life insurance in India."

"We have continued to grow and sustain our market leadership position in the country, ," he said.

He said to provide the best possible facilities to customers, LIC is upgrading itself technologically.

Rohit Chawla, Deputy Director, Ministry of Finance, described the moment of LIC's IPO listing as 'historic'.

He said: "It is a momentous occasion for the Indian market."

"LIC is an undisputed market leader," he said.

The IPO is through an offer-for-sale of up to 221,374,920 Equity Shares by the President of India, acting through the Ministry of Finance, Government of India.

The Offer includes a reservation for Eligible Employees and Eligible Policyholders.

LIC, India's largest life insurer, had a market share of 61.6 percent in terms of premiums or GWP, 61.4 percent in terms of New Business Premium (or NBP), 71.8 percent in terms of number of individual policies issued, and 88.8 percent in terms of number of group policies issued, for the nine months ended December 31, 2021.

As at December 31, 2021, the Corporation covered 91 percent of all districts in India and had the largest individual agency network among life insurance entities in India, comprising approximately 1.33 million individual agents.

(Reporting by Supriyo Hazra)