LIC IPO: Govt files updated draft papers with Q3 financials

In the run-up to the mega IPO, on February 13, the government had filed the draft red herring prospectus (DRHP) with the regulator giving details of financial results till September. The DRHP got Sebi approval early this month. ”Updated DRHP of LIC with December financials has been filed,” an official said, adding it was required to be done as per Sebi observations.

As per the updated financials, the Life Insurance Corporation reported a net profit of Rs 235 crore in the October-December quarter. The net profit in April-December, 2021, increased to Rs 1,671.57 crore from Rs 7.08 crore a year ago.

The government is expecting to garner over Rs 60,000 crore by selling about 31.6 crore or 5 per cent stake in the life insurance firm to meet the curtailed disinvestment target of Rs 78,000 crore in the current fiscal. The IPO was originally planned to be launched in March, but the Russia-Ukraine crisis has derailed the plans as stock markets are highly volatile.

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