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LIC’s IPO receives ‘tremendous’ response from anchor investors

New Delhi, May 2 (PTI) The initial public offering (IPO) of Life Insurance Corporation (LIC) on Monday received an “overwhelming” response from anchor investors. An official gave this information.

LIC’s IPO is expected to raise Rs 21,000 crore. Under the IPO, the government is selling its 22,13,74,920 shares in the company and the price range has been fixed at Rs 902 to 949 per share.

In this regard, an official said that the issue which opened for anchor investors on Monday received an overwhelming response. Its full details will come out later.

The issue will open for institutional and retail buyers on May 4 and will close on May 9. The company’s shares will be listed on the stock exchanges on May 17, a week after the close of the IPO.

Under the IPO, 15,81,249 shares are reserved for employees and 2,21,37,492 shares are reserved for policyholders. Over 9.88 crore shares are reserved for Qualified Institutional Buyers (QIBs) and over 2.96 crore shares for non-institutional buyers.

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

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