LIC IPO: India's biggest public issue to date by the country's largest insurance provider – the Life Insurance Corporation (LIC) initial public offering (IPO) – opens to primary markets today. The LIC IPO was opened to anchor investors on May 2. Notably, the government, which owns the insurance giant, plans to sell a 3.5 per cent stake instead of the five per cent as listed in the previous Draft Red Herring Prospectus (DRHP).