LIC IPO Subscribed Nearly Three Times on Final Day of Bidding

The IPO of LIC was subscribed 2.95 times.

(Photo: Altered by The Quint)

The initial public offering (IPO) of Life Insurance Corporation of India was subscribed 2.95 times of the shares for sale, receiving a robust response from investors on the final day of bidding on Monday, 9 May, according to data available with the exchanges.

It received bids for 47.83 crore equity shares against the IPO size of 16.2 crore equity shares.

The portion set aside for policyholders was subscribed 5.97 times, employees bid 4.31 times the allotted quota, and retail investors 1.94 times, while the reserved portion of qualified institutional buyers was booked 2.83 times and that of non-institutional investors 2.8 times, as per reports.

Policyholders were offered a discount of Rs 60 per share, while employees and retail investors were offered shares at Rs 45.

The issue offer of the LIC was in the price band of Rs 902 to Rs 949 per share and LIC is likely to be listed on 17 May.

"LIC IPO has met with tremendous success from all categories of investors. At the close of subscription on Monday, the issue was oversubscribed nearly three times, with the policyholders portion receiving the maximum bids at a little over six times," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey was quoted as saying by ANI.

"LIC IPO subscribed 2.95 times on the final day, which opened on 4 May received bids for 47.83 crore equity shares against 16.20 crore shares on the offer. Many new demat accounts opened due to LIC IPO. Allotment of LIC IPO will take place on 12 May," he added.

(With inputs from IANS and ANI.)