LIC IPO fully subscribed on day 2 of bidding

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NEW DELHI: India’s biggest initial public offer (IPO) by insurance behemoth Life Insurance Corporation (LIC) was fully subscribed on day 2 bidding, data from exchanges showed.
Bids were received for 16.25 crore shares as against 16.20 shares being offered for sale by LIC.
The portion reserved for policyholders and employees received the most number of subscriptions. While, the policyholders’ portion was subscribed 3.07 times, that for employees was subscribed 2.14 times.
In comaprison, qualified institutional buyer (QIB) and non-institutional investor (NII) portion has received a tepid response so far. Non-institutional investors’ segment was subscribed 46 per cent, while QIBs’ portion was slightly lower at 40 per cent.
Retail individual investors picked up nearly 91 per cent of the 6.9 crore shares set aside for this segment.
The IPO opened for subscription on May 4 and will stay open till May 9, including Saturday and Sunday.
Price band for the IPO has been fixed at Rs 902-949 per equity share.
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 aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

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