The shares were allotted to policyholders and retail investors after applying the applicable exemptions
The shares were allotted to policyholders and retail investors after applying the applicable exemptions
Ahead of the listing of the country’s largest insurance company on May 17, the government has fixed the issue price of LIC’s shares at Rs 949, which is at the upper end of the IPO price band.
However, LIC policyholders and retail investors have received shares at ₹889 and ₹904 per piece respectively.
The initial public offering (IPO) of Life Insurance Corporation (LIC) closed on 9 May and shares were allotted to the bidders on 12 May. The government sold over 22.13 crore shares or 3.5% stake in LIC through IPO at a price band of ₹. 902-949 per share.
retail investor and the eligible employees of LIC were offered a discount of ₹ 45 per equity share on the issue price, whereas policyholders There is a discount of ₹ 60 per share.
As per the prospectus filed by LIC on May 12, the share sale offer price has been fixed at ₹949 per equity share.
The shares were allotted to policyholders and retail investors after applying the applicable exemptions.
The government got around ₹ 20,557 crore from the share sale.
LIC IPO – India’s biggest ever – closed with nearly 3 times subscription, mainly adoption by retail and institutional buyers, but participation from foreign investors remained muted.
So far, the amount raised from Paytm’s IPO in 2021 was the largest at ₹18,300 crore, followed by Coal India (2010) at ₹15,500 crore and Reliance Power (2008) at ₹11,700 crore.
LIC had last month reduced the size of its IPO to 3.5% from the earlier fixed 5% due to prevailing market conditions. LIC IPO is the largest ever initial public offering in the country, despite a low size of over Rs 20,557 crore.
LIC will be listed on the stock exchanges and its shares will start trading from May 17.