Investors continued to bid for shares in Life Insurance Corp.'s initial public offering on the third day, after India's biggest issue was fully subscribed on Thursday led by demand from policyholders and employees.
Barring portions for institutional and non-institutional investors, all others have been oversubscribed.
The government is looking to raise as much as Rs 21,000 crore by selling a 3.5% stake in the nation's biggest life insurer.
The IPO will remain open on Saturday and Sunday as well, according to a notification on the National Stock Exchange of India. It closes on May 9.
The issue, according to its red herring prospectus, will comprise an offer for sale of 22.13 crore equity shares at Rs 902-949 apiece.
Employees and retail investors will get a discount of Rs 45 apiece, while policyholders will be able to buy at Rs 60 below the issue price.
The proceeds will be paid to the government, the selling shareholder. LIC expects that the proposed listing of its equity shares will enhance its visibility and brand image.
Subscription Details: Day 3
The IPO subscribed 1.38 times as of 7 p.m. on May 6.
Institutional investors: 0.56 times.
Non-institutional investors: 0.75 times.
Retail investors: 1.23 times.
Employees: 3.06 times.
Policyholders: 4.01 times.
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Top Research Reports On LIC IPO
India's Insurance Behemoth; Attractive Valuation: Reliance Securities
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Competitive Strengths, Key Business Strategies, Financials: Axis Securities
Investment Rationale, Valuations, Risks, Concerns, Financials: Motilal Oswal
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