LIC IPO totally subscribed on day 2; provide closes on May 9

LIC’s public provide, the nation’s biggest-ever IPO, was totally subscribed on the second day of bidding on Thursday.

Against 16,20,78,067 shares on provide, 16,25,35,125 bids had been obtained, making the general public challenge totally subscribed, as per information on inventory exchanges as of 6.24 pm. Of the entire, the policyholders’ portion was subscribed a bit of over thrice, whereas that for workers was subscribed 2.14 occasions.

Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portion has obtained a tepid response thus far. Non-institutional traders’ phase was subscribed 46 per cent, whereas QIBs’ portion was barely decrease at 40 per cent.

Retail particular person traders picked up almost 91 per cent of the 6.9 crore shares put aside for this phase. The preliminary public providing (IPO) will shut on May 9. The authorities goals to generate about Rs 21,000 crore by diluting its 3.5 per cent stake within the insurance coverage behemoth.

LIC has mounted the worth band at Rs 902-949 per fairness share for the problem. The provide features a reservation for eligible workers and policyholders. The retail traders and eligible workers will get a reduction of Rs 45 per fairness share, whereas policyholders will get a reduction of Rs 60 per share. The share sale is thru an offer-for-sale (OFS) of as much as 22.13 crore fairness shares. The shares are prone to be listed on May 17.