The wait is almost over for investors across India as the country’s most awaited initial public offering, or IPO, is opening in a few hours. India’s largest insurance company, Life Insurance Corporation (LIC) will open its initial share sale for the public on Wednesday, May 4, which is today. The LIC IPO has been looked forward to ever since the government announced it, and is expected to bring a new buzz to the Dalal Street as it gears up for the same. The uniqueness of LIC IPO, which is likely to garner Rs 21,000 crore at the upper end of the price band, lies in its benefits for eligible policyholders.

With attractive discounts and a 10 per cent reserved portion for policyholders, the LIC IPO is already exciting for this category of investors, many of who are first-time investors. Here is a list of the key things LIC policyholders, who want to invest in the LIC IPO today, must know.

The price band for LIC IPO is ₹ 902-949 per equity share. LIC policyholders will get a discount of ₹ 60 per equity share, while retail investors and employees will get a discount of ₹ 45 on each share.

Investors can bid for a minimum of 15 shares (one lot) for ₹ 14,235 at the upper end of issue price. LIC shares would get listed at the stock exchanges on May 17. The Centre plans to raise ₹ 21,000 crore by diluting a 3.5 per cent stake in LIC. For an IPO, the valuation would be the highest ever in the Indian market. Before this, the highest fundraise was seen in Paytm IPO last year at ₹ 18,300 crore and Coal India in 2010 at ₹ 15,200 crore.

LIC has approached its policyholders through SMS and other medium to inform them about the share sale. LIC has been informing about the IPO for several months through various channels including print and TV advertisements.

The country's largest insurer reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing market condition. LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of ₹ 5 crore.