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Business News/ Markets / Ipo/  LIC IPO subscription status: Retail portion fully subscribed on day 3 of the issue. Check updates here
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LIC IPO subscription status: Retail portion fully subscribed on day 3 of the issue. Check updates here

LIC IPO price band has been fixed at ₹902-949 per equity share for the issue

Life Insurance Corporation of India (LIC) logo is seen displayed on a smartphone in this illustration (REUTERS)Premium
Life Insurance Corporation of India (LIC) logo is seen displayed on a smartphone in this illustration (REUTERS)

Life Insurance Corporation of India's (LIC) IPO, was fully subscribed on the second day of bidding on Thursday. LIC has fixed the price band at 902-949 per equity share for its mega public issue.

As of 12:10 pm on day 3 of the issue, LIC IPO has been subscribed 1.25 times with retail individual investors' portion fully booked by 1.12x. Of the total, the policyholders' portion was subscribed 3.67 times, while that for employees was subscribed 2.79 times.

Qualified Institutional Buyers (QIBs) and Non Institutional Investors (NIIs) bid 0.53 times and 0.60 times respectively so far, BSE data showed.

As per market observers, LIC shares are available at a premium (GMP) of 65 in the grey market today. The share allotment is expected to happen on May 12 and the shares of the company will be listing on stock exchanges BSE and NSE on Tuesday, May 17, 2022.

The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of 45 per equity share, while policyholders will get a discount of 60 per share.

LIC's initial share sale will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer, with an aim to attract investors. The initial public offering (IPO) will close on Monday, May 9, 2022.

The government, which wholly owns the insurance behemoth, plans to sell a 3.5% instead of 5% due to the market condition. The LIC IPO is apure offer for sale (OFS).

LIC reduced its IPO size to 3.5% from 5% decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country. The size of the LIC IPO is set to be the largest so far in the country. 

 

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Published: 06 May 2022, 10:04 AM IST
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