In a major development related India's biggest IPO, the government has confirmed Zee Business that initial public offer (IPO) of LIC will be listed on the exchanges on May 17. Earlier, LIC IPO's opening and closing dates were shared by the government. As per the schedule, the IPO opens on May 4 and closes on May 9. Minimum bid lot is 15 shares and in multiples of 15 equity shares thereafter. 

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Besides, the national insurer also said that there will not be any further stake sale till next year by the LIC.  

Speaking about the relevance of the development, Zee Business Managing Editor Anil Singhvi said, it is a positive news, "From speculated 10% stake sale, the government has reduced it to 3.5% now. It has cleared any apprehension that the insurer would resort to further stake sell for at least one year. Companies usually do not put such information in public domain, but it is good that LIC has made its stand clear on its plan of reducing shareholding. It ensures additional fresh supply for one year. ," said the market Guru.  

Meanwhile, Zee Business has decided to air a programme dedicated to LIP IPO—LIC IPO ki Pathshala — every morning 11am. The programme is aimed at clearing all doubts of retail investors and policy holders about upcoming largest IPO of the India's capital market.  

LIC has set the price band for this IPO at Rs 902-Rs 949 per equity share. The government is offloading 3.5 per cent of its stake in LIC and plans on raising about Rs 21,000 crore through the initial public offering