The initial public offering of Life Insurance Corporation of India was subscribed 1.79 times on Sunday, which was the fifth day of bidding.
Bids for over 29.08 crore shares were received against 16.2 crore shares on offer by 7 pm, according to data with the stock exchanges.
There continued to be strong interest from LIC’s policyholders and employees. The portion reserved for eligible policyholders was subscribed 5.04 times, while the portion reserved for eligible employees was subscribed 3.79 times.
The quota for retail individual investors was subscribed 1.59 times, and the non-institutional category witnessed a subscription of 1.24 times.
However, the qualified institutional buyers’ category saw a subscription of 0.67 times. It is expected to see more demand on Monday, which is the final day of the IPO. There has been strong demand from domestic financial institutions, which have put in bids for over 1.7 crore shares. About 3.9 crore shares are reserved for the QIB category.
The Centre will raise about ₹21,000 crore from the IPO of LIC at the upper end of the price band of ₹949 per equity share by selling a 3.5 per cent stake.
The IPO opened on May 4. As a special dispensation, bidding was kept open over the weekend on Saturday and Sunday.