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LIC’s IPO got full subscription on the second day of bidding

New Delhi, May 5 (PTI) The initial public offering (IPO) of state-owned Life Insurance Corporation of India (LIC) got 100 per cent subscription on the second day of bidding on Thursday.

According to the data available in the stock exchanges till 6.24 pm, 16,25,35,125 bids were received for the issue of 16,20,78,067 of the public sector company.

As per data available on BSE, the policyholders’ share got subscribed a little more than three times, while the employees’ share got subscribed 2.14 times.

There has been no significant response so far for the Qualified Institutional Buyers (QIBs) and non-institutional buyers segment. On the second day, 40 per cent of QIBs and 46 per cent of non-institutional buyers were subscribed.

About 91 percent of the shares were subscribed for the second day in the category of 6.9 crore shares reserved for retail investors.

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 company’s IPO opened for retail and institutional investors on Wednesday and will close on May 9.

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.

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