Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Markets / Ipo/  LIC IPO: Non-institutional investors portion fully subscribed on 4th Day. Check updates
BackBack

LIC IPO: Non-institutional investors portion fully subscribed on 4th Day. Check updates

Data given on NSE showed that LIC IPO oversubscribed by 1.66 times with cumulative bids of 26,83,18,335 equity shares against the offered size of 16,20,78,067 equity shares.

LIC is expected to be listed on May 17. (MINT_PRINT)Premium
LIC is expected to be listed on May 17. (MINT_PRINT)

LIC IPO: The mega public offer continued to receive massive demand from policyholders, employees, and retail investors on the fourth day as well. Notably, the non-institutional investors portion also fully subscribed on Saturday. The largest life insurer's 21,000 crore IPO is the biggest offer on markets.

Data given on NSE showed that LIC IPO oversubscribed by 1.66 times with cumulative bids of 26,83,18,335 equity shares against the offered size of 16,20,78,067 equity shares.

Cumulative bids include demand on both BSE and NSE. 

The portion reserved for non-institutional investors (NII) subscribed fully by 1.08 times with cumulative bids of 3,21,59,055 equity shares against the reserved 2,96,48,427 equity shares.

Further, on Day 4, the portion for policyholders and employees oversubscribed by 4.67 times and 3.54 times respectively. Meanwhile, the retail individual investors portion also oversubscribed by 1.46 times. These three categories have been tapping the IPO since the beginning of the offer.

However, the portion reserved for Qualified Institutional Buyers (QIBs) continued to receive bids at a slower pace. The category subscribed by 0.67% on the fourth day with cumulative bids of 2,64,82,290 equity shares against the reserved size of 3,95,31,236 equity shares.

QIBs include foreign institutional investors, domestic financial institutions (banks, financial institutions, insurance companies), mutual funds, and others.

NIIs include corporates and other high net worth investors. RIIs include individual investors.

LIC IPO opened on May 4 and will be available for subscription till May 9. The issue will be available for bidding on Sunday as well.

Under the IPO, 50% is reserved for qualified institutional buyers (QIB), 35% of the portion is kept for non-institutional investors (NII), and the remaining 15% is set for retail individual investors (RII). Also, 10% was proposed for policyholders.

The IPO has a price band of 902 to 949 per equity share. LIC offers 60 per equity share discount to LIC policyholders, and 45 per equity share discount offered to retail investors.

LIC is expected to be listed on May 17. The shares will be listed on BSE and NSE. The insurer will compete against other private players namely SBI Life Insurance, HDFC Life Insurance, and ICICI Prudential Life Insurance on stock markets.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 07 May 2022, 07:42 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App