LIC IPO: If you have made your bid in Life Insurance Corporation of India i.e. LIC IPO, then this is news of work for you. The gray market premium (GMP) of LIC IPO has been declining continuously. Let us tell you that in the country’s biggest issue, Monday 9th May was the last date for bidding. The issue was open for subscription on May 4. LIC’s IPO has received bumper response from investors. 16,20,78,067 shares were offered under LIC’s IPO. According to the data available on the stock exchanges till 7 pm, 47,83,25,760 bids were made by investors for these shares.
What’s up with the latest GMP?
According to stock market experts, LIC shares are currently at a nominal premium of Rs 8-10 per share over the issue price. A week ago, the gray market price of LIC IPO was at a premium of Rs 100-105 per share. That is, now its GMP has been reduced to 90 percent. Dealers tracking the gray market said low participation of large investors and the ongoing market slump could impact LIC’s listing.
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LIC IPO gets bumper response
Let us tell you that LIC IPO got 2.83 times subscription from Qualified Institutional Bidders (QIB) category. 11.20 crore bids were made for the 3.95 crore shares reserved for this quota. On the other hand, 2,96,48,427 shares were offered under the Non-Institutional Investors (NII) category for which 8,61,93,060 bids were made. In this way NII quota got 2.91 times subscription. Similarly, retail investors bid for 13.77 crore shares against an offer of 6.9 crore shares. LIC’s issue was subscribed 1.99 times in this category. The reverse quota for LIC policyholders has got subscriptions more than six times while the LIC employees category has received 4.4 times the bids. Let us tell you that LIC’s IPO was open for investment on May 4. The price band of the issue was fixed at Rs 902-949 per share. In this, apart from keeping some shares reserved for eligible policyholders and employees, they were also given exemption.
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when will the listing happen
The allotment date of LIC shares is 12th May 2022. The shares of LIC will be listed on BSE and NSE and the tentative date of share listing is 17th May 2022.