State-owned insurer Life Insurance Corporation on Sunday filed their draft papers with stock regulator Sebi for its IPO, the secretary of Department of the Investment and Public Asset Management tweeted.

The much talked about LIC IPO is set to hit the capital market in March.
 
The government will sell over 31 crore equity shares of LIC, according to the draft red herring prospectus filed with Sebi. 

"The DRHP of LIC IPO has been filed today with the SEBI," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.

The government aims to come out with the IPO and subsequent listing of Life Insurance Corporation (LIC) on bourses by March. A portion of the IPO would be reserved for anchor investors. Also, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders. 

Actuarial firm Milliman Advisors LLP India had worked out the embedded value of LIC, while Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.