Update: May 04, 2022 1:10 p.m. STI
Bombay (Maharashtra) [India]May 4 (ANI): The highly anticipated initial public offering (IPO) of Life Insurance Corporation of India (LIC) opened for public subscription on Wednesday morning, with about a third of the shares subscribed within the first two hours.
Policyholders and employees draw subscriptions. The policyholders’ share was fully subscribed just hours after the opening of public subscription for the country’s largest IPO.
Around 12:25 p.m., the policyholders’ share was subscribed 1.05 times. More than 50 percent of the employee shares were subscribed at 12:25 p.m. while about 33 percent of the retail share was subscribed.
However, there was a mixed response in the non-institutional category. The non-institutional category which includes businesses, individuals and others saw only 6% subscription.
Overall, about 31% of the shares put up for sale were taken up in the first two hours or so.
The country’s largest IPO will remain open for public subscription until May 9.
LIC has set its price range for the initial public offering (IPO) at Rs 902 to Rs 949 per share. Policyholders receive a rebate of Rs 60 per share, while retail investors and employees receive a rebate of Rs 45 on each share.
The IPO is a pure offer to sell. Of the 22.13 crore shares offered for sale, around 5.93 crore shares have been reserved for the lead investor side. The booking share of employees is 1.58 million while the booking of policyholders is 22.14 million. (ANI)