The country’s biggest public offer, which opened for subscription on May 4 is has been available for 5 days of bidding, with today (May 9) being the last day of subscription.
New Delhi: Today is the last day of subscription of Life Insurance Corporation’s mega IPO.
The country’s biggest public offer, which opened for subscription on May 4 is has been available for 5 days of bidding, with today (May 9) being the last day of subscription.
LIC IPO was subscribed 1.79 times on the penultimate day of the offer on Sunday, reported PTI. Against 16,20,78,067 shares on offer, 29,08,27,860 bids were received, according to the data posted on stock exchanges at 7 pm.
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As per media reports the LIC Grey Market Premium (GMP) today is Rs 26 lower from that of yesterday’s. While yesterday the GMP was Rs 60, today it has come down to Rs 36.
Yesterday, Qualified Institutional Buyer (QIB) category is yet to be fully subscribed. Bids were received for 0.67 per cent of the shares earmarked for the segment, showing a poor response. With regard to non-institutional investors (NIIs), a total of 3,67,73,040 bids were received for 2,96,48,427 shares reserved for the category, reflecting a subscription of 1.24 times. Retail individual investors bid for 10.99 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.59 times. Of the total, the policyholders’ portion was subscribed 5.04 times, while that for employees was subscribed 3.79 times.
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LIC has fixed the price band at Rs 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 Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.
The government aims to generate about Rs 21,000 crore by diluting a 3.5 per cent stake in the insurance behemoth through the Offer for Sale (OFS) which closes on Monday. LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.
With PTI Inputs
