LIC IPO: Country’s largest IPO got 3 times subscription, share allotment to be done on 12th May and 17 listings
LIC’s IPO Closed on Monday with nearly three times subscriptions. A large number of domestic investors participated while the response from foreign investors remained calm. This is the biggest IPO in the history of the country. The sale of its 3.5 per cent stake in the country’s largest life insurance company to Rs. 20,500 crores. However, the low participation of foreign investors was dismissed by the government, saying it was an example of “self-reliant India” and the issue has strong support from various sections of investors. LIC’s IPO opened for subscription on May 4 and closed on May 9.
Under LIC’s IPO, 16,20,78,067 shares were offered but the bid was 2.95 times higher. According to the data available on the stock exchanges till 7 pm, 47,83,25,760 bids were made by investors for these shares. The shares of LIC will be allotted to the bidding investors on May 12 while LIC will be listed on the stock exchange on May 17.
2.83 times subscription for Institutional Buyers category
Shares in the Qualified Institutional Buyer category were subscribed 2.83 times. 11.20 crore were bid for the 3.95 crore shares reserved for this category. Under the category of non-institutional investors, 2,96,48,427 shares were offered with bids of 8,61,93,060. Thus the NII segment is subscribed 2.91 times.
2x subscription in retail segment
Retail individual investors bid for 13.77 million shares against an offer of 69 million shares. This segment has been subscribed 1.99 times. The segment reserved for LIC policyholders got six times the subscription, while the LIC employee segment got 4.4 times the bid.
India’s biggest IPO
With this amount, LIC’s issue has proved to be the biggest IPO of the country till date. Earlier in 2021, Paytm’s IPO was worth Rs 18,300 crore. Earlier in 2010, the IPO of Coal India was about Rs 15,500 crore.
Shares will be issued on May 12
Local investors have successfully completed the IPO of LIC. This is an example of self-reliant India. He said that now there is no dependence on foreign investors. Tuhinkant Pandey said that the shares in the IPO will be allotted to the bidders on May 12. LIC shares will be listed on the stock exchange on May 17.