LIC IPO Booked 67% On Day 1; Policyholder Portion Subscribed 1.99 Times: 10 Facts
- Â The LIC IPO was subscribed 67 per cent on Wednesday, when bidding closed for the first day. (Also Read:Â LIC IPO: Overwhelming Demand On Day 1, With Over 60% Bids And Counting)
- Retail individual investors' portion was booked 0.60Â times and non-institutional investors' category was subscribed 0.27Â times. Employees' reserved and policyholders' reserved portions were fully subscribed, 1.17Â times and 1.99Â times, respectively.
- The LIC IPO will take subscriptions even on Saturday (May 7), an unusual move aimed at attracting more investors. The shares would get listed at the stock exchanges on May 17.
- The price band for LIC IPO is Rs 902-949 per equity share. LIC policyholders will get a discount of Rs 60 per equity share, while retail investors and employees will get a discount of Rs 45 on each share. Investors can bid for a minimum of 15 shares (one lot) for Rs 14,235 at the upper end of issue price.
- The Centre plans to raise Rs 21,000 crore by diluting a 3.5 per cent stake in LIC.
- For an IPO, the valuation would be the highest ever in the Indian market. Before this, the highest fundraise was seen in Paytm IPO last year at Rs 18,300 crore and Coal India in 2010 at Rs 15,200 crore.
- LIC has approached its policyholders through SMS and other medium to inform them about the share sale.
- LIC has been informing about the IPO for several months through various channels including print and TV advertisements.
- The country's largest insurer reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing market condition.
- LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.
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