New Delhi [India], May 9 (ANI): The initial public offering (IPO) of Life Insurance Corporation of India (LIC) closed on Monday. The issue was subscribed 2.95 times, generating bids worth Rs 43,933 crore.
Policyholders have led the subscription. The portion reserved for policyholders has been subscribed 6.12 times. Policyholders have made bids for Rs 12,034 crore.
The employees' portion has been subscribed 4.4 times, and the retail individual investors' portion saw 2 times subscription.
Addressing a press conference, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the success of the issue reflects the strength of 'Aatmanirbhar Bharat'.
"LIC IPO has met with tremendous success from all categories of investors. At the close of subscription on Monday, the issue was oversubscribed nearly 3 times, with policyholders' portion receiving the maximum bids at a little over 6 times," Pandey said.
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.
Pandey said the share allotment of LIC will be done on May 12 and the country's largest insurer will be listed at the stock exchange on May 17.
Asked about the expected market response on the listing day considering the recent slump, Pandey said, "Let's hope that everything goes well on the listing day."
"Investors will be taking their own call. We have facilitated the investor in all possible way. Considering the size of the IPO, special preparations were made. Many new Demat accounts opened due to LIC IPO," DIPAM Secretary said. (ANI)