LIC IPO subscription closes: Issue oversubscribed nearly 3 times

NEW DELHI: India’s biggest ever initial public offer (IPO) by Life Insurance Corporation (LIC) received a stellar response from investors.
At the close of subscription on Monday, the issue was oversubscribed nearly 3 times, with policyholders portion receiving the maximum bids at a little over 6 times.
According to exchange data, against 16,20,78,067 shares on offer, 47,83,25,760 bids were received.
The qualified institutional buyers (QIBs) category was subscribed 2.83 times. As many as 11.20 crore bids were received for the 3.95 crore shares earmarked for the segment.
Retail individual investors bid for 13.77 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.99 times.
The IPO opened for subscription by the public on May 4, while for anchor investors it opened on May 2.
Price band for the IPO was fixed at Rs 902-949 per equity share.
The offer included a reservation for eligible employees and policyholders. The retail investors and eligible employees received a discount of Rs 45 per equity share, while policyholders got a discount of Rs 60 per share.
The government has diluted 3.5 per cent stake in the insurance behemoth through the Offer for Sale (OFS).
Shares of LIC will be listed on both BSE and NSE on May 17.
(With inputs from agencies)

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