Pradeep Pattanayak

Insurance behemoth Life Insurance Corporation (LIC)’s opening Initial Public Offering (IPO), India’s biggest opening so far, was opposed in Odisha’s Cuttack and Bhubaneswar on Wednesday. 

Protesting against the move of the government, the employees of LIC Circle Office in Cuttack staged a two-hour-long demonstration. They demanded the rollback of the decision. 

“The opening of IPO is the first step towards LIC’s privatisation. It shouldn’t have happened. But the Modi government has carried it out on its own which we have opposed to,” said secretary of Cuttack Division Insurance Employees’ Association, Bikramjeet Mohanty. 

The same pictures also emerged from Bhubaneswar where the CPI and CPI (M) party workers staged a protest at the head office of LIC.  

“We have condemned the Modi government’s move to privatise the LIC because such a decision was taken without holding any discussions with trade unions and employees’ associations and without taking the Parliament into confidence,” said CPI leader Ramkrushna Panda. 

Notably, the insurance giant LIC’s IPO opened for subscription today. The Rs 20,557 crore IPO, biggest in India's stock market history will remain open to subscription till May 9.

The price band for the IPO has been fixed at Rs 902-949 per share with the company offering discounts of Rs 60 and 45 for its policy holders and retail investors and LIC employees respectively.