The Life Insurance Corporation (LIC) public offering, the country’s largest-ever IPO, was fully subscribed on the second day of bidding on Thursday.
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The public offer will be open for subscription even on weekends, allowing anyone to participate in the state-owned insurer’s mammoth IPO.
Latest updates on Day 2 of LIC IPO:
According to stock market data as of 6.24 p.m., 16,25,35,125 bids were received against 16,20,78,067 shares on sale, making the public issue fully subscribed.
The policyholders’ portion was nearly three times subscribed, while the employee portion was 2.14 times subscribed.
The section for Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) has seen a lukewarm reaction so far. Non-institutional investors accounted for 46% of the total, while QIBs accounted for 40%.
The initial public offering will end on May 9. By dissolving its 3.5 percent interest in the insurance behemoth, the government hopes to raise around 21,000 crore.
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The price band for the issue has been set at 902-949 per equity share by LIC. For qualified employees and policyholders, the deal includes a reservation.
Retail investors and qualifying employees will receive a 45 percent discount on equity shares, while policyholders would receive a 60 percent discount.
Up to 22.13 crore equity shares would be sold through an offer-for-sale (OFS). The stock is expected to go public on May 17.
The issue period also includes LIC informed exchanges on Saturday, May 7, and Sunday, May 8. On May 7, earlier bidding was permitted.
The Reserve Bank of India (RBI) has directed that all ASBA-designated bank branches remain open for the public on Sunday in order to ease the processing of applications for LIC’s initial public offering.
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