Rural fintech firm Spice Money has partnered with Religare Broking ahead of the much-awaited initial share sale of Life Insurance Corporation of India (LIC). The tie-up would “take the LIC IPO to 10 crore rural households,” the companies have stated in a joint release.
“Spice Money representatives will act as a one-point contact for assisting rural citizens who want to invest in the LIC shares. They will assist them to open a DEMAT (Dematerialisation) Account and apply for the LIC IPO and invest in other products in the future,” it added.
Demat account is a must for any investor who wants to deal in stocks.
Sanjeev Kumar, Co-Founder and CEO, Spice Money said, “Access to the IPO of a brand that commands nation-wide trust, like LIC, will help rural citizens warm up to the phenomenon of investment opportunities they are hitherto unaware of.”
Spice Money is a wholly-owned subsidiary of DiGiSPICE Technologies and covers 95 per cent of India’s rural pin codes.
Nitin Aggarwal, CEO, Religare Broking said, “With LIC IPO on its way, a huge opportunity awaits for new investors and its policyholders. Jointly Religare and Spice Money will play an instrumental role in building a rural India financial inclusion model, combining new age technology with human assistance and bring Ghar Ghar Demat Account.”
Religare Broking operates on a network of more than 1,100 branches with business partners across 400 cities in India.
LIC’s initial public offering will open on May 4 and close on May 9. The listing of its shares may happen on May 17.
The insurer has fixed the IPO price band at Rs 902-949 per equity share for a stake sale of 3.5 per cent. Retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share.
The Rs 20,557 crore LIC IPO is going to be the biggest initial share sale ever in the country.
LIC is India’s largest financial institution and manages nearly Rs 40 lakh crore of public money.
As of now, the amount mobilised from Paytm IPO in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.