The LIC IPO was subscribed to 2.9 times on the final day
The IPO received bids for 478 million equity shares, compared to the offer of 162 million shares. LIC had received Rs 5,627 crore from anchor investors before the submission.
The Life Insurance Corporation’s (LIC) Rs 21,000-crore initial public offering (IPO) was subscribed to 2.95 times on Monday’s final day of issuance.
Despite market volatility and a lackluster response from foreign portfolio investors, the issue received bids worth nearly Rs 43,931.
The allocation of shares will be complete on May 12, and the insurer will go public on May 17. However, Tuhin Kanta Pandey, secretary of investment and public asset management. Stated that the insurer might not make a follow-up offer within the following year. “Domestic investors primarily subscribed to the issue.” “The response from foreign investors has been disappointing,” he said.
The IPO received bids for 478 million equity shares, compared to the offer of 162 million shares.
LIC had received Rs 5,627 crore from anchor investors before the request.
The majority of bids came in on Monday’s final day, with the portion set aside for qualified institutional buyers (including FPIs/banks/mutual funds). Being subscribed 2.83 times and the amount set aside for non-institutional investors being subscribe 2.91 times.
The quota reserved for the insurer’s policyholders was subscribe 6.1 times until Monday. In contrast, the team member portion, which included a discount of Rs 45 per equity share for company employees. It was subscribe 4.4 times on the final day. According to exchange data, retail investors bid for 137 million shares versus 69 million shares on offer, with the quota being subscribe 1.9 times overall. Retail investors also received a Rs 45 discount per equity share in the public offer.
Sanjay Malhotra, the financial services secretary, stated that LIC shares “should provide decent returns” to investors in the short, medium, and long term.
