Offer subscribed 1.79 times so far, as policyholders betting big
The ₹21,000-crore mega initial public offering of Life Insurance Corporation will close today for public subscription.
The portion reserved for eligible policyholders was subscribed 5.04 times, reservation for eligible employees was subscribed 3.79 times, Retail category was subscribed 1.59 times while the non-institutional category witnessed subscription of 1.24 times and qualified institutional buyer’s category saw subscription of 0.67 times.
LIC has fixed the price band at ₹902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of ₹45 per equity share, while policyholders will get a discount of ₹60 per share. Market lot is 15 shares.
Record 58.15 lakh applications
According to market sources, a record 58.15 lakh applications received, the highest for any IPO in Indian market. Earlier, Reliance Power saw 48.02 lakh applications.. The overall LIC issue was subscribed 1.79 times.
The government dilutes 3.5 per cent stake in the insurance major. Due to the current market turbulence, LIC had reduced its IPO size to 3.5 per cent from 5 per cent decided earlier.