LIC IPO: Spice Money partners with Religare Broking to help rural citizens bid for the largest public offering

A rural fintech company – Spice Money has partnered with domestic brokerage firm Religare Broking to enable rural citizens to apply for Life Insurance Corporation of India’s initial public offering (IPO) in what is being described as a first-of-its-kind investment opportunity, according to the official press release.

The government on Wednesday announced the opening of the largest-ever IPO on May 4, which will close on May 6, 2022. The IPO size was reduced from 5 per cent to 3.5 per cent, raising around Rs 21,000 in the upper band.

Through this unification, both companies aim to provide rural citizens with equal access to investment opportunities, taking another step towards bridging the rural-urban divide and improving financial inclusion, the statement said.

This association will enable over 95 percent of rural PIN codes to gain access to supported Phygital platforms to invest in capital markets related opportunities such as stocks, mutual funds, commodities, currencies and NPS (National Pension Scheme) to build wealth for the future .

The proportion of investors from rural parts of the country is extremely low due to the lack of access, awareness and support. Spice Money’s Adhikaris will act as a one-stop shop for supporting rural citizens who want to invest in LIC stocks but don’t know where to start.

Spice Money Adhikaris will help them to open DEMAT account and apply for LIC IPO and invest in other products in the future.

Spice Money is a leading rural fintech company with a broad network of over 10,000 merchants (called Spice Money Adhikaris) serving over 10 million households in over 700 districts across India.