LIC IPO: Shares reserved for non-institutional investors in the public sector Life Insurance Corporation of India (LIC) IPO got full subscription on Saturday. The portion reserved for non-institutional investors got fully subscribed on the fourth day of LIC’s IPO.
A total of 2,96,48,427 shares were reserved for non-institutional investors under the issue. In comparison, a total of 3,06,73,020 bids had been received till 4.30 pm on Saturday. According to the data received from the stock exchanges, LIC’s IPO has been subscribed 1.59 times so far. There are still two days left for this issue to close.
However, the shares reserved for Qualified Institutional Buyers (QIBs) are yet to be fully bought out. So far only 0.67 per cent of the shares in this segment have been bought.
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A total of 9.57 crore bids have been received for 6.9 crore reserved shares in the retail investor segment. Thus the retail investor segment is subscribed 1.38 times. The segment reserved for policyholders of LIC has been subscribed 4.4 times and the section reserved for employees 3.4 times so far.
The government expects to raise Rs 21,000 crore from LIC’s IPO. It is selling its 3.5 per cent stake in LIC. The price range for the IPO has been fixed at Rs 902 to 949 per share. The company’s IPO opened for retail and institutional investors on Wednesday and will close on May 9.