Life Insurance Corporation of India’s (LIC) mega public offering closed at the end of the six-day bidding period with nearly 3x subscriptions, mainly by domestic retail and institutional buyers, but participation from foreign investors remained muted.
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), called this response LIC IPO Describing as ‘tremendous’, the issue witnessed good participation from all categories of investors.
the government that took 20,500 crore from the sale of its 3.5% stake in the country’s largest insurer, though shying away from tacit participation of foreign investors, saying the issue was an example of ‘Atmanirbhar Bharat’ (self-reliant India) and one of the Interest observed cross section of investors.
As per market observers, LIC shares are available at Premium (GMP) 16 in the gray market today. The share allotment is expected on May 12 and the shares of the company will be listed on the stock exchanges BSE and NSE on Tuesday, May 17, 2022.
The finalization of the basis for allotment of shares of LIC IPO is expected this week on Thursday, May 12, 2022 and if the allotment is done, the shares will be credited to the demat account of the bidders on May 16. The registrar for this IPO is KFin Technologies Limited, hence the allotment application can be checked on its website Here or on BSE website Here,
LIC reduced the size of its IPO from 5% to 3.5% due to prevailing market conditions, which was much lower than the earlier estimate. 60,000 crores.
The anchor investor portion of the insurance giant’s initial share sale was oversubscribed last week, rising almost 5,620 crore from anchor investors before its issue. The insurance giant had fixed the price band 902-949 per equity share for issue.