Life Insurance Corporation of India’s initial public offering will also subscribe on Saturday, an unusual move aimed at attracting investors, including retail buyers, for the country’s biggest share sale.
A notification by the National Stock Exchange of India Ltd said the IPO, which began on Wednesday, will remain open till May 9, including on Saturday. The Indian government is selling 221.4 million LIC shares for between Rs 902 and Rs 949, which would add up to Rs 210 billion ($2.7 billion) at the top end of the range.
“It’s a little unusual for a share sale. However, this exception is given LIC IPO Kranti Bathini, chief market strategist at Wealthmills Securities in Mumbai, said, “Given its sheer size and huge interest from retail investors. This may put some additional pressure on the system. However, the Indian capital market infrastructure is likely to bid on Saturday as well. Ready for convenience.”
Retail investors will be allotted 35% of the total shares in the offer, and will be given a discount of Rs 45 from the IPO price. Meanwhile, around 10% of the float has been earmarked for policyholders of LIC, who will get a discount of Rs 60 on each share. The minimum bid lot size is 15 shares, which means that a retail investor must spend at least Rs 13,560 ($177) for a stake. Policy holders will have to spend a minimum of Rs 13,335.
Founded in the late 1950s, LIC is the oldest insurer in the country, and had a market until the government opened it to private competition in 2000. It remains the largest insurer in India with a sales agent of approximately 1.4 in almost every neighborhood across the country. Arab people.