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LIC’s IPO got 67 percent subscription on the first day, the share of policyholders filled 1.9 times

New Delhi, May 4 (PTI) The initial public offering (IPO) of Life Insurance Corporation of India (LIC) got 67 per cent subscription on the first day on Wednesday.

As per stock exchange data, out of the total issue, the policyholders’ share got subscribed 1.9 times.

The government expects to raise Rs 21,000 crore from LIC’s IPO. She is going to sell her 3.5 percent stake in LIC. The price range for the IPO has been fixed at Rs 902 to 949 per share.

The IPO opened today for retail and institutional investors and will close on May 9.

According to data available on BSE, the policyholders’ portion was subscribed 1.9 times on the first day, while the employees’ portion was fully filled.

There has been no significant response so far for the Qualified Institutional Buyers (QIBs) and non-institutional buyers segment. On the first day, the QIB segment was subscribed 33 per cent and the non-institutional buyer 27 per cent. The retail investors category received around 60 per cent subscription.

Retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders of LIC will get a discount of Rs 60 per equity share.

This IPO is in the form of Offer for Sale (OFS) and through this the government wants to sell 22.13 crore shares. The company’s shares are likely to be listed on May 17.

LIC said that it has raised Rs 5,627 crore from anchor investors, of which there is a majority of domestic companies. 5.92 crore shares were reserved for anchor investors at the rate of Rs 949 per equity share.

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