Bidders in LIC IPO can be allotted shares on May 12, and the insurance coverage behemoth can be listed on inventory exchanges on May 17, DIPAM Secretary Tuhin Kanta Pandey stated on Monday.
Briefing reporters after closing of the difficulty, Pandey stated the LIC IPO has met with great success throughout all of the segments.
“Domestic investors have successfully pulled off the LIC IPO. It is an example of Aatmanirbhar Bharat,” he stated, including we’re not depending on international traders solely.
It will assist deepen the capital markets, the secretary added.
The authorities bought 3.5 per cent stake within the insurance coverage big by way of the preliminary public providing (IPO).
“The allocation to investors in IPO would be made on May 12,” Pandey added.
Life Insurance Corporation’s IPO, the nation’s largest public provide, was subscribed 2.95 instances on the final day of provide interval on Monday, serving to the federal government mobilise about Rs 21,000 crore.
Against 16,20,78,067 shares on provide, 47,83,25,760 bids had been obtained, in line with knowledge posted on inventory exchanges at 7 pm.
The Qualified Institutional Buyers (QIBs) class was subscribed 2.83 instances. As many as 11.20 crore bids had been obtained for the three.95 crore shares earmarked for the phase.
With regard to non-institutional traders (NIIs), a complete of 8,61,93,060 bids had been obtained for two,96,48,427 shares reserved for the class, reflecting a subscription of two.91 instances.
Retail particular person traders bid for 13.77 crore shares as in opposition to 6.9 crore shares on provide for the phase, translating into an over-subscription of 1.99 instances.
The policyholders’ portion was subscribed a little bit over 6 instances, whereas that for workers was subscribed 4.4 instances.
LIC had fastened the worth band at Rs 902-949 per fairness share for the difficulty. The provide features a reservation for eligible workers and policyholders. The retail traders and eligible workers will get a reduction of Rs 45 per fairness share, whereas policyholders will get a reduction of Rs 60 per share.
The authorities has diluted 3.5 per cent stake within the insurance coverage behemoth by way of the Offer for Sale (OFS).
Source: www.financialexpress.com”