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SBI branch will remain open on Sunday 8th May also know what is the reason

New Delhi: State Bank of India (SBI) has informed its customers that its branch will remain open on 8th May i.e. Sunday. This is being done because of the IPO of Life Insurance Corporation of India. LIC IPO is open from 4th May and will close on 9th May. That is, even on Saturday and Sunday, investors will be able to bid in it. In view of this, SBI (State Bank of India) has decided to keep its branch open on Sunday as well.

The bank has given this information through a tweet. SBI said, “We are happy to inform that for the convenience of customers applying for LIC IPO, all SBI branches will remain open to accept applications on 8th May 2022 i.e. even on Sunday.”

Fully subscribed retail category
LIC IPO is in the form of Offer for Sale (OFS) and through this the government wants to sell 22.13 crore shares. LIC’s IPO got full subscription on Friday, the third day in the retail category. According to the data available in the stock exchanges till 7 pm, LIC received 22,36,98,915 bids for 16,20,78,067 shares. This is 1.38 times as compared to the total issue. The eligible institutional buyers (QIBs) and non-institutional buyers segment is yet to get full subscription. On the third day, the QIB segment got 56 per cent subscription and the non-institutional buyers category got 76 per cent subscription. On the third day, the company’s IPO for 6.9 crore shares reserved for retail investors received 1.23 times subscription i.e. 8.53 crore bids.

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