NEW DELHI: The Life Insurance Corporation of India's (LIC) initial public offering (IPO) garnered a strong response from investors, with the offer being subscribed 2.89 times.
LIC received bids for 46.77 crore equity shares, compared to a total of 16.2 crore equity shares offered in the IPO.
According to sources, the amount reserved for policyholders was bid 5.97 times, employees bid 4.31 times the authorised quota, and retail investors bid 1.94 times, while qualified institutional buyers reserved 2.83 times and non-institutional investors reserved 2.8 times.
The LIC's long-awaited Initial Public Offering (IPO) will accept subscriptions through Monday, May 9. Despite the government's decision to reduce the issue size from 5% to 3.55%, it is expected to be a watershed moment in the Indian capital market's history and India's largest IPO to date. LIC is valued at Rs 6 lakh crore in the IPO.
The LIC's issuance offer was priced between Rs 902 and Rs 949. In addition, policyholders received a Rs 60 reduction, while retail investors received a Rs 45 discount.