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LIC’s IPO got full subscription on the second day

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

According to the data available on the stock exchanges till 7 pm, 16,68,60,765 bids were received for the issue of 16,20,78,067 of the public sector company. This is 1.03 times the total issue.

As per the data available on BSE, there is 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 47 per cent of non-institutional buyers were subscribed.

While the policyholders’ share got a little over three times the subscription, while the employees’ share got 2.21 times the subscription.

About 93 percent subscription was received 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. It is selling its 3.5 per cent 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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