LIC IPO subscription closes: Issue oversubscribed nearly 3 times – Times of India

NEW DELHI: India’s greatest ever preliminary public supply (IPO) by Life Insurance Corporation (LIC) acquired a stellar response from traders.
On the shut of subscription on Monday, the problem was oversubscribed practically 3 instances, with policyholders portion receiving the utmost bids at just a little over 6 instances.
In response to change information, in opposition to 16,20,78,067 shares on supply, 47,83,25,760 bids have been acquired.
The certified institutional patrons (QIBs) class was subscribed 2.83 instances. As many as 11.20 crore bids have been acquired for the three.95 crore shares earmarked for the phase.
Retail particular person traders bid for 13.77 crore shares as in opposition to 6.9 crore shares on supply for the phase, translating into an over-subscription of 1.99 instances.
The IPO opened for subscription by the general public on Might 4, whereas for anchor traders it opened on Might 2.
Value band for the IPO was fastened at Rs 902-949 per fairness share.
The supply included a reservation for eligible workers and policyholders. The retail traders and eligible workers acquired a reduction of Rs 45 per fairness share, whereas policyholders obtained a reduction of Rs 60 per share.
The federal government has diluted 3.5 per cent stake within the insurance coverage behemoth via the Provide for Sale (OFS).
Shares of LIC will likely be listed on each BSE and NSE on Might 17.
(With inputs from companies)

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