A Sebi panel has proposed easier public float norms for large IPOs with a post-offer market capitalisation of more than Rs 10,000 crore. It said such offers could be limited to just 5% of the equity of the company. At present, this limit is set at 10% for all companies with a post-issue capital of over Rs 4,000 crore. The panel also proposed that promoters of companies with market capitalisation of Rs 1 lakh crore can take up to five years to dilute their stake so that minimum public shareholding (MPS) could be raised to the 25% level. Currently, Sebi gives three years to promoters of all companies to reach the MPS level. The regulator said there could be instances where large and very large issuers may not be able to meet the 10% MPS at the time of listing. So the panel has now proposed such large companies with a market cap of between Rs 10,000 crore and Rs 1 lakh crore to reach 10% MPS in 18 months from listing and 25% MPS in three years. It also proposed that very large companies with market cap of at least Rs 1 lakh crore could take two years to reach the 10% limit and five years to reach the 25% limit.