LIC IPO: Retail portion fully subscribed on Day 3

Surabhi | Updated on: May 06, 2022
The retail portion of the LIC IPO was subscribed 1.01 times by 11.18 am on Friday

The retail portion of the LIC IPO was subscribed 1.01 times by 11.18 am on Friday | Photo Credit: Dado Ruvic

Overall issue subscribed 1.38 times

The retail portion of the Life Insurance Corporation of India’s (LIC) IPO has been fully subscribed on the third day of the offer. According to data with the stock exchanges, the quota for retail individual investors was subscribed 1.23 times by 7 pm on Friday.

Over 6.91 crore shares or 35 per cent of the net offer is reserved for retail investors, who are also eligible for a discount of ₹45 per equity share. The overall issue was subscribed 1.38 times with strong demand from all categories of investors. Bids were received for a total of 22.36 crore shares as against 16.2 crore shares on offer.

While the employee quota was subscribed 3.06 times, the portion for policyholders was subscribed 4.01 times. Significantly, the response from non-institutional investors and qualified institutional bidders also picked up on Friday. The non-institutional category, consisting of corporates and individuals other than retail investors, was subscribed 0.76 times.

The subscription for the portion reserved for qualified institutional investors was reserved 0.56 times. Domestic financial institutions bids for over 1.27 crore shares while foreign institutional investors bid for 8.4 lakh shares. The QIB segment is expected to see more interest in the last few days of the offer.

The LIC IPO, which opened on May 4, will remain open for three more days, including the weekend and will close on May 9. The Centre will raise about ₹21,000 crore at the upper end of the price band at ₹949 per equity share.

Published on May 06, 2022
COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you