LIC IPOThe issue of Life Insurance Corporation of India (LIC), which is said to be the country’s largest initial public offering (IPO), has been subscribed 1.79 times till Sunday, a day before the offer ends.
According to the data available on the stock exchanges till 7 pm, 29,08,27,860 bids have been received so far against the offer of 16,20,78,067 shares made by LIC. The IPO is scheduled to close on Monday. However, the eligible Institutional Buyer (QIB) category is yet to be fully subscribed. As per the latest data, only 0.67 per cent of the shares reserved for this segment have received bids.
Retail investors bid for 10.99 crore shares
A total of 3,67,73,040 bids have been received for 2,96,48,427 shares reserved for the Non-Institutional Investor (NII) category, representing 1.24 times subscription.
As against 6.9 crore shares offered for retail individual investor segment, 10.99 crore shares have been bid so far, which is 1.59 times subscribed. The share of policyholders has been subscribed 5.04 times and the shares reserved for employees 3.79 times.
Price Band Rs 902-949 per share
LIC has fixed a price range of Rs 902-949 per share for the issue. Reservation has been given for eligible employees and policyholders in this offer. 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 is targeting to raise around Rs 21,000 crore by selling its 3.5 per cent stake in LIC through the Offer for Sale that closes on Monday.