The LIC initial public offering received 1.79 times subscription, but the portion reserved for qualified institutional buyers is yet to be fully booked.
As per the subscription data published on exchanges, investors have put in bids for 29.08 crore equity shares, against the offer size of 16.2 crore shares.
The bids received so far are worth Rs 26,408 crore, which is less than the amount of shares that retail investors and policyholders are willing to pay.
Policyholders have bid over five times the allotted quota, retail investors have bid 1.59 times, and employees have bought shares at over three times the portion set aside for them.
Click here for live updates on the LIC IPO.
LIC shares will be given to employees and retail investors at a discount of Rs 45 to the final offer price, while the discount for policyholders is Rs 60 per share. The offer price is Rs 902 per share.
The reserved portion for non-institutional investors was subscribed 1.24 times, who have invested Rs 3,490 crore so far in the IPO, while QIBs have bid for 67 percent shares of the reserved portion. The issue on Sunday may have been due to holiday.
The portion of QIB needs to be fully subscribed for a public issue. The book will be fully subscribed on Monday.
Foreign funds' ownership in domestic equities fell to 19.5%, the lowest since March.
The public issue of the largest life insurance company in India will close on May 9.
The entire amount of money will go to the Government of India, which is selling a 3.5 percent stake in the company.
The share allocation will be done by May 12 after LIC closes the issue on May 9. Equity shares will be credited to eligible investors' accounts by May 16 and refunds will be given to unsuccessful investors by May 13.
And finally, the listing of LIC on the BSE and NSE will take place on May 17 as per the schedule published in the IPO prospectus.You can download your money calendar here and keep your dates with your moneybox.
All Rights Reserved © 2024
