The initial public offer (IPO) of Life Insurance Corporation of India (LIC) has opened for anchor investors

LIC plans to raise up to Rs 5,630 crore at the upper end of the price band from the anchor investors

The state-run insurer has reserved 59.29 million shares for anchor investors

The Sebi has allowed LIC to sell a 3.5 percent stake or 22,13,74,920 shares in the insurer through the IPO

Earlier, the government planned to sell a 5 percent stake in the IPO but trimmed the share sale to 3.5 percent due to volatile market conditions

The IPO will open to the public from May 4 to May 9. The insurer plans to raise Rs 21,000 crore from investors

Shares of LIC will be sold in a price band of Rs 902- Rs 949. At the upper end of the price band, the insurer is likely to command a market cap of Rs 6 lakh crore

According to IPO Watch, shares of LIC command a premium of Rs 85 in the grey market, signaling a 9 percent gain on a listing day

The allotment of shares will be done on May 12, 2022. The lot size of the IPO is 15 shares for which one will have to spend Rs 14,235