The Reserve Bank of India (RBI) said that bank branches with ASBA facility will remain open for LIC’s initial public offering (IPO) on Sunday as well. The ASBA account has the facility of supported applications with the amount blocked.
RBI said in a statement that the government had requested all ASBA branches to be opened on Sunday, May 8, for processing LIC’s IPO applications. After reviewing it, it has been decided to open bank branches with ASBA facility on Sunday (May 8) also.
Generally, investors apply for IPO through ASBA. Let us tell you that the IPO of LIC will close on May 9 and bids for this can also be placed on May 7. The government aims to raise Rs 21,000 crore by selling 3.5 per cent of its shares.
First day response: The IPO got 67 per cent subscription on the first day on Wednesday. As per stock exchange data, out of the total issue, the policyholders’ share got subscribed 1.9 times. There has been no significant response so far for the Qualified Institutional Buyers (QIBs) and non-institutional buyers segment.
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On the first day, the QIB segment was subscribed 33 per cent and the non-institutional buyer 27 per cent. The retail investors category received around 60 per cent subscription.