LIC IPO proposal filed with market regulator Sebi

The draft red herring prospectus (DRHP) of Life Insurance Corporation of India’s (LIC) mega initial public offering (IPO) has been filed with Sebi.

The government-owned Life Insurance Corporation of India (LIC) filed its draft red herring prospectus (DRHP) for its mega initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) today, February 13.

"The DRHP of LIC IPO has been filed today with the SEBI," Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey wrote in a tweet.

In a tweet, DIPAM Secretary said that the insurer has filed its DRHP with SEBI.

The DRHP of LIC IPO has been filed today with the SEBI. pic.twitter.com/jM9CDBMWVH

A Draft Red Herring Prospectus (DRHP) is a legal preliminary document. It serves as an important communication link between the IPO-bound company and its investors and stakeholders.

When a company aims to raise funds from the public by offering its shares, it needs to file the DRHP.

It offers in-depth details pertaining to business description, financial information, risk factors, use of proceeds, industry overview and management.