LIC IPO subscribed nearly 3 times; govt raises Rs 21,000 cr

Mumbai, May 9: The initial public offering (IPO) of Life Insurance Corporation of India (LIC) has been subscribed 2.92 times till late afternoon on Monday, the last day of the bidding.

Against the 16.2 crore equity shares offered for sale, bids have been received for over 47 crore equity shares. Policyholders have led the subscription. The portion reserved for policyholders has been subscribed nearly six times. Employees' portion has been subscribed 4.3 times. The share reserved for retail investors has received nearly double the bids. Policyholders and employees are offered discounts in the country's largest IPO. Policyholders are offered a discount of Rs 60 per equity share, while retail investors and employees are offered a discount of Rs 45 on each share. The country's largest insurer LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. The portion reserved for qualified institutional buyers has been subscribed 2.83 times. Non-institutional investors' portion has been subscribed 2.88 times. The majority of the subscription bids are from domestic institutions. There has been a poor response from foreign institutional investors (FIIs). The country's largest IPO opened for public subscription on May 4. It is scheduled to close on Monday at 7 pm. Also Read| Punjab CM directs police to launch crackdown on drug peddlers -PTC News