NEW DELHI: Life insurance company LIC's IPO will be launched on May 4. Investors will be able to apply for this till May 9.

Announcing the launch of LIC IPO on Wednesday, its chairman MR Kumar said, "The price band for the share has been kept from Rs 902 to Rs 949."

LIC IPO to open on May 4, sets price band at Rs 902 to Rs 949 per equity share. We will call it LIC 3.0 phase: Tuhin Kant Pande, Dipam, Secretary for Department of Investment and Public Asset Management pic.twitter.com/awoVzGJyQ1

— ANI (@ANI) April 27, 2022

The size of LIC's IPO will be Rs 21,000 crore.

Earlier the government was going to sell five percent stake in the country's largest life insurance company, but now only 3.5 percent stake will be offered through IPO.

Apart from keeping a price band of Rs 902 to Rs 949 for the shares, policy holders will also be given a discount of Rs 60.