The IPO of Life Insurance Corporation of India Limited (LIC) has received an overwhelming response. The issue is fully subscribed on the second day of the IPO. The quota of policyholders and employees of LIC has been subscribed 3 times and 2.14 times respectively. The retail quota has received 0.91 times the bids. On the other hand, qualified institutional and non-institutional investors got 40% and 46% subscription, respectively.
LIC’s public issue gets 1.03 times bids
According to the Bombay Stock Exchange (BSE) data, investors have bid 16,68,60,765 equity shares or 1.03 times against 16,20,78,067 equity shares offered for subscription. The price band of LIC’s IPO has been fixed at Rs 902-949. In the IPO, a special discount of Rs 45 is being given to retail investors and employees of LIC. At the same time, a discount of Rs 60 per share is being given to the policyholders of LIC. The government is selling its 3.5 per cent stake in the company through an IPO to raise around Rs 21,000 crore.
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IPO will be available for subscription even on weekends
The IPO of Life Insurance Corporation of India (LIC) will be available for subscription on weekends as well. The Reserve Bank of India on Sunday also asked all banks to keep their windows open for allowing applications for LIC IPO. Now more days will be available for LIC IPO bidding. This will be the first time that a special distribution has been given for a public offer. Earlier, the bidding for LIC’s IPO was announced on Saturday, May 7.
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