LIC to list on stock exchanges on May 17

India's largest insurer LIC is likely to list on the stock exchanges on May 17, a week after its bumper initial public offering (IPO) closes.

The government is selling over 22.13 crore shares in LIC at a price band of Rs 902-949 a piece in the initial public offering, which opens on May 4 and closes on May 9.

As per the final papers filed with Sebi, the allotment of shares to the demat account of bidders will happen by May 16, post which LIC would commence trading of equity shares in the stock exchanges and list "on or about May 17".

While anchor investors will bid for the share sale on May 2, the issue would open for subscription of institutional and retail buyers on May 4 and close on May 9.

The government is selling 22,13,74,920 shares in Life Insurance Corporation (LIC), aiming to raise around Rs 21,000 crore.

Up to 15,81,249 shares and 2,21,37,492 shares are reserved for employees and policyholders.

Over 9.88 crore shares are reserved for Qualified Institutional Buyers (QIBs) and over 2.96 crore shares for non-institutional buyers.

While retail investors and LIC employees will get a discount of Rs 45 per share, LIC policy holders bidding in IPO would get a discount of Rs 60 a share.

"Bids can be made for a minimum of 15 equity shares and in multiples of 15 equity shares thereafter," the LIC said in the Red Herring Prospectus approved by Sebi.