Hours after the initial public offering (IPO) of Life Insurance Corporation of India opened, the portion reserved for policyholders was fully subscribed.
According to data with the stock exchanges, by 12:42 pm, the portion reserved for policyholders was subscribed 1.1 times.
The overall issue was subscribed 0.32 times with the portion reserved for employees subscribed 0.55 times and the portion for retail investors subscribed 0.35 times.
In the non-institutional category, 0.07 times of the quota was subscribed. Qualified Institutional Buyers had bid for just 6,060 shares against 3,95,31,236 shares reserved for them.
Of the 22.13 crore shares of offer, 0.025 per cent is reserved for employees and 0.35 per cent for policyholders. Besides, 35 per cent of the shares are reserved for retail investors.
LIC has set its price band for the IPO at ₹902-949. A discount of ₹45 per equity share will be offered to retail and eligible employee category and ₹60 to policyholder category.