A rural fintech firm – Spice Money has partnered with domestic brokerage firm Religare Broking to enable rural citizens to apply for the initial public offer (IPO) of Life Insurance Corporation of India, which is termed as a first-of-its-kind investment opportunity, the official press statement said.
The government on Wednesday announced the opening of the biggest IPO so far on May 4, which will close on May 6, 2022. The IPO size has been reduced to 3.5 from 5 per cent, with raising around Rs 21,000 crore at the upper band through equity markets.
Through this association both companies aim to provide rural citizens with equitable access to investment opportunities, thus, taking a step further in bridging the rural-urban divide and augmenting financial inclusion, the statement further read.
This association will allow over 95 per cent of rural pin codes to get access to assisted phygital platforms to invest in capital market-linked opportunities such as equities, mutual funds, commodity, currency, and NPS (National Pension Scheme) to build wealth for the future.
The percentage of investors from rural parts of the country is extremely low due to the lack of access, awareness, and assistance. Spice Money’s Adhikaris will act as a one-point contact for assisting rural citizens who want to invest in the LIC shares, but do not know where to begin.
Spice Money Adhikaris will assist them to open a DEMAT Account and apply for the LIC IPO and invest in other products in the future.
Spice Money is a leading rural fintech company with a wide network of over 10 lakh merchants (called Spice Money Adhikaris) serving over 10 crore households in 700+ districts across India.