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The non-institutional investor quota of Life Insurance Corporation of India’s (LIC) IPO was fully subscribed on Saturday, the fourth day of bidding.
According to data with the exchanges, the portion reserved for non-institutional investors was subscribed 1.08 times by 7 pm on Saturday. The overall issue was subscribed 1.66 times. The offer received bids for 26.83 crore shares against the offered 16.20 crore equity shares on offer.
Strong demand continued from retail investors, policyholders and employees as well. While the quota for retail individual investors was subscribed 1.46 times, the portion for eligible policyholders was subscribed 4.67 times. The employee portion was subscribed 3.54 times. The quota for qualified institutional investors was subscribed 0.67 times.
The IPO will remain open till May 9. As a special dispensation, the bidding is also open on Saturday and Sunday.
Fire breaks out
Firefighters attempt to douse a fire at LIC building, in Mumbai, on Saturday | Photo Credit: -
Meanwhile, a fire broke out on Saturday morning at LIC’s Jeevan Seva building, Santacruz in Mumbai. The fire was restricted to the second floor and there were no casualities. LIC said there would be no problem in providing services to customers.
“The data center of the Corporation which is housed nearby is safe and precautionary measures have been taken to protect our IT assets. All our critical IT assets for providing service to customers have adequate disaster recovery set-up in place,” it said in a statement.
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