The policyholders of Life Insurance Corporation (LIC) may get a discount of 5% to issue price in the upcoming IPO (Initial public offer), sources close to the development told ET Now. Additionally, the policyholders may get a 10% reserved quota in the IPO, the source further added. LIC had earlier asked LIC policyholders to link their life insurance policy and PAN card so that they can participate in the much-awaited LIC IPO.

 

The insurance company which has more than 25 crore policyholders has already issued notices on various platforms and said, “In order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the Corporation’s records. Further subscribing to any public offering in India is only possible if you have a valid Demat account.”

 

The reports have suggested that a record 34 lakh demat accounts were opened in January, and it may be another record in February as all brokers are racing to get LIC policyholders on board. The news of possible discount in the upcoming LIC IPO has pushed several policyholders to rush to brokers to open their demat accounts. Many brokers are offering several schemes and even gift vouchers to attract the policyholders to open demat accounts with them.

 

The insurance company is all set to file DRHP anytime for the IPO with the Securities and Exchange Board of India (Sebi).