BackLIC IPO: You can invest in the offer via SBI Yono, here's how
The IPO comprises an offer for sale up to ₹20,557 crore where the government will sell its 3.5% stake. A total number of 22.10 crore equity shares are set to be offered under the issue.
PremiumState Bank of India (SBI) motivates customers to open Demat and trading accounts on YONO ahead of the launch of the mega IPO of the largest insurer, LIC next week.
On Saturday, SBI tweeted saying, "Start your investment journey today!"
In the tweet, SBI states that "foster your investments right with SBI securities."
SBI earlier had released a notification for LIC IPO investments through SBI Securities Demat and trading account. However, to begin their investment, customers need to follow a few steps.
An investor needs to log onto YONO and then go to 'Investments' open and then open their Demat and trading account. Once done, investors can easily bid for LIC IPO.
Also, SBI has waived off opening charges and DP AMC for the first year of the Demat and trading account.
SBI says, "Open your Demat and trading account on YONO now with no account opening charges & DP AMC completely waived off for the first year. Download YONO now!"
LIC will launch its IPO on 4 May and will be available for subscription till 9 May. The issue will be open for anchor investors on 2 May.
The IPO comprises an offer for sale up to ₹20,557 crore where the government will sell its 3.5% stake. A total number of 22.10 crore equity shares are set to be offered under the issue.
Further, the government proposed to keep 10% reserved for policyholders. However, policyholders who have their updated PAN link with their LIC policies and hold a Demat account are eligible for subscribing to the IPO.
On the IPO, a price band of ₹902 - 949 per equity share has been fixed.
This IPO is the biggest ever in the history of the market.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
