LIC IPO sees 100% subscription on Day 2; issue to remain open on weekend - Hindustan Times
close_game
close_game

LIC IPO sees 100% subscription on Day 2; issue to remain open on weekend: Top updates

By | Written by Aniruddha Dhar
May 05, 2022 08:12 PM IST

The IPO will close on May 9. The government aims to generate about ₹21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

The Life Insurance Corporation (LIC) public offer, the country's biggest-ever IPO, was subscribed 100 per cent on Thursday by investors on the second day of bidding.

All India United Trade Union Centre activists shout slogans during their protest over the LIC's IPO in Kolkata, (PTI)
All India United Trade Union Centre activists shout slogans during their protest over the LIC's IPO in Kolkata, (PTI)

The public offer will remain open for a subscription even on the weekend to enable people to participate in the mega IPO of the state-owned insurer.

Hindustan Times - your fastest source for breaking news! Read now.

Latest updates on Day 2 of LIC IPO:

> Against 16,20,78,067 shares on offer, 16,25,35,125 bids were received, making the public issue fully subscribed, as per data on stock exchanges as of 6.24 pm.

> Of the total, the policyholders' portion was subscribed a little over three times, while that for employees was subscribed 2.14 times.

> Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portion has received a tepid response so far. Non-institutional investors' segment was subscribed 46 per cent, while QIBs' portion was slightly lower at 40 per cent.

Also Read | LIC IPO is credit positive for India's life insurance sector: Moody's

> The IPO will close on May 9. The government aims to generate about 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

> LIC has fixed the price band at 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders.

> The retail investors and eligible employees will get a discount of 45 per equity share, and policyholders will get a discount of 60 per equity share.

> The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17.

> The issue period also includes bidding on Saturday, May 7, and Sunday, May 8, LIC informed exchanges. Earlier bidding was allowed on May 7 (Saturday) only.

> To facilitate this, the Reserve Bank of India (RBI) directed all ASBA-designated bank branches to remain open for the public on Sunday to facilitate the processing of applications for LIC's initial public offering.

(With inputs from PTI, Reuters)

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On