India’s Largest LIC’s ₹ 21,000 Crore IPO Subscription Has Crossed 3 Times

Largest LIC's ₹ 21,000 Crore

The largest initial public offering (IPO) of LIC (Life Insurance Corporation) has received a huge response from investors. This IPO was started for application on 4th May and closed on Monday. This IPO has been oversubscribed nearly three times at the time of closing of applications.

This IPO has been subscribed by the policyholders, LIC employees, domestic financial institutions, and high net worth investors (HNIs). The IPO has been launched by the Indian government worth 3.5% company’s stake. The IPO was open in the price band of 949 and there was a special discount of ₹ 60 for policyholders and ₹ 45 for retail investors.

According to BSE (formerly Bombay Stock Exchange) data, the portion reserved for LICs policyholders has been subscribed 6.1 times, for employees 4.4 times, for retail investors 2 times, for HNI investors 2.9 times and for institutional buyers 2.8 times.

Initially, the IPO was ₹ 21000 crore for Indian investors but a day before opening the government had placed LIC shares worth ₹ 5600 crores with a clutch of domestic and foreign investors. The LIC IPO has received bids for nearly 48 crore shares against 16.2 crores on offer.

Now the applications for bids for this IPO have been closed on 09 May 2022. The IPO will be listed on exchanges on 17th May and allotment finalization will be done on 12 May. The refund will be processed on 13 May for those who will not get any allotment.

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