New Delhi, PTI/Business Desk. The IPO of Life Insurance Corporation of India, the country’s largest public offering, will close on Monday (May 9) i.e. today. In such a situation, whoever wants to bid for LIC IPO, today is their last chance. Let us inform that earlier on Sunday, LIC IPO was subscribed 1.79 times. As per the data posted on the stock exchanges at 7 pm, 29,08,27,860 bids were received against 16,20,78,067 shares offered. However, the Qualified Institutional Buyer (QIB) category is yet to be fully subscribed. There has been a poor response to this section. Bids have been received for 0.67 per cent of the total shares earmarked.
Talking about Non-Institutional Investors (NIIs), a total of 3,67,73,040 bids were received for 2,96,48,427 shares reserved for this category, representing 1.24 times subscription. At the same time, retail individual investors have bid for 10.99 crore shares against an offer of 69 million shares for its segment, representing 1.59 times higher subscriptions. Further, out of the total, the policyholders’ share was subscribed 5.04 times while the employees’ share was subscribed 3.79 times.
Notably, LIC has fixed a price band of Rs 902-949 per equity share for the issue. The offer includes reservation for eligible employees and policyholders. Retail investors and eligible employees will get a discount of Rs 45 per share, while policyholders will get a discount of Rs 60 per share. The government aims to raise around Rs 21,000 crore by diluting 3.5 per cent stake in the insurance giant through offer for sale (OFS).
LIC had reduced the size of its IPO to 3.5 per cent from the earlier fixed 5 per cent due to prevailing market conditions. Despite the reduced size of about Rs 20,557 crore, LIC’s IPO is the largest ever IPO in the country.
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