Against 16,20,78,067 shares on offer, 47,83,25,760 bids were received, according to data posted on stock exchanges at 7 pm.
LIC had fixed the price band at Rs 902-949 per equity share
Bidders in LIC IPO will be allocated shares on May 12, and the insurance behemoth will be listed on stock exchanges on May 17, DIPAM Secretary Tuhin Kanta Pandey said
”You can project this issue as an example of Atmanirbhar Bharat…this big issue has seen interest from people across different segments… It shows that the capacity of the Indian capital market has increased substantially and it also shows that we can run our own capital market without depending on foreign investors,” he said
Mumbai:
Life Insurance Corporation’s IPO, the country’s biggest public offer, was subscribed 2.95 times on the last day of offer period on Monday, helping the government mobilise about Rs 21,000 crore.
Against 16,20,78,067 shares on offer, 47,83,25,760 bids were received, according to data posted on stock exchanges at 7 pm.
Bidders in LIC IPO will be allocated shares on May 12, and the insurance behemoth will be listed on stock exchanges on May 17, DIPAM Secretary Tuhin Kanta Pandey said on Monday.
”You can project this issue as an example of Atmanirbhar Bharat…this big issue has seen interest from people across different segments… It shows that the capacity of the Indian capital market has increased substantially and it also shows that we can run our own capital market without depending on foreign investors,” he said.
To a question about foreign investors not coming in large numbers, Pandey said: ”Like all other investors, foreign institutional investors also take their own call… Foreign investors are also welcome and some of them did participate in the issue”.
Briefing reporters after closing of the issue, Pandey said the LIC IPO has met with tremendous success across all the segments.
The Qualified Institutional Buyers (QIBs) category was subscribed 2.83 times. As many as 11.20 crore bids were received for the 3.95 crore shares earmarked for the segment.
With regard to non-institutional investors (NIIs), a total of 8,61,93,060 bids were received for 2,96,48,427 shares reserved for the category, reflecting a subscription of 2.91 times.
Retail individual investors bid for 13.77 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.99 times.
The policyholders’ portion was subscribed a little over 6 times, while that for employees was subscribed 4.4 times.
LIC had fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.
The government has diluted 3.5 per cent stake in the insurance behemoth through the Offer for Sale (OFS).
LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is the biggest initial public offering ever in the country.
So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.