Surabhi | Mumbai, May 12 |
The listing is expected on May 17
Life Insurance Corporation of India on Thursday allotted 16.2 crore shares as part of its initial public offering (IPO). The total allotment amount is ₹14,929.95 crore, sources indicated. In all, the Centre will raise about ₹20,557 crore from the IPO.
LIC had previously raised ₹5,627 crore from 123 anchor investors ahead of the IPO. In the IPO, LIC received 39.5 crore valid bids for shares.
The IPO opened on May 4 and closed on May 9. QIBs other than anchor investors and non institutional investors were allotted shares at a price of ₹949 apiece.
Retail individual bidders and eligible employees were allotted shares at a price of ₹904 apiece. Eligible policyholders were allotted shares for ₹889 apiece.
Retail investors and eligible employees got a discount of ₹45 per share, while policyholders got a discount of ₹60 per share. The price band was fixed at ₹902-₹949 per equity share.
The government is divesting 3.5 per cent stake in LIC through the IPO. The listing is expected on May 17.