IPO Wrap: LIC IPO subscribed 2.95 instances on remaining day led by demand from policyholders and staff

LIC IPO subscription standing: India’s largest preliminary public providing (IPO) of insurance coverage sector behemoth Life Insurance Corporation of India (LIC), which was launched final Wednesday met with a optimistic response by the buyers throughout the board because it obtained subscribed 2.95 instances on the ultimate day, in response to the info accessible on the BSE.

The Rs 21,000 crore supply obtained bids for over 47.83 crore (47,83,25,760) shares towards the entire challenge dimension of over 16.20 crore (16,20,78,067) shares, the info confirmed.

The shares that are to be allotted for the certified institutional patrons (QIBs) was subscribed 2.83 instances, whereas these of non institutional buyers was subscribed 2.91 instances and that of retail particular person buyers (RIIs) was subscribed 1.99 instances, the info confirmed. Apart from these, the policyholders portion was subscribed 6.11 instances whereas the workers phase was subscribed 4.39 instances.

The LIC IPO is totally an offer-for-sale (OFS) the place the central authorities is promoting 22.13 crore (22,13,74,920) shares or 3.5 per cent of its stake within the life insurer.

The 6-day blockbuster IPO had opened for subscription on Wednesday, May 4, 2022, and concluded at 7 pm at the moment. It has a value band of Rs 902-949 per share and got here with a reduction of Rs 60 per share for policyholders and Rs 45 apiece for retail buyers and staff. The LIC IPO was stored open even this previous Saturday and Sunday to permit individuals to take part. This was maybe for the primary time a particular dispensation is granted to any public supply.

Before heading into the IPO, the life insurance coverage big had raised over Rs 5,627 crore from the anchor buyers.

LIC is the nation’s oldest and largest life insurance coverage agency. It was shaped by merging and nationalising 245 personal life insurance coverage firms on September 1, 1956, with an preliminary capital of Rs 5 crore. LIC now manages round Rs 40 lakh crore property and is the fifth-largest life insurer globally and the biggest asset supervisor within the nation.

Going forward, buyers will now stay up for the share allotment date of the problem. The finalisation of the idea of allotment for LIC is predicted to happen on Thursday, May 12, 2022, as per the knowledge supplied within the purple herring prospectus.