Mumbai (Maharashtra): The initial public offering (IPO) of Life Insurance Corporation of India (LIC) has been subscribed 1.38 times till the closing of the third day of bidding on Friday.
Policyholders and employees are offered discounts in the country’s largest IPO, which opened for public subscription on May 4. The subscription closes on May 9.
LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. 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 IPO is a pure offer for sale. Out of the 22.13 crore shares offered for sale, around 5.93 crore shares have been reserved for anchor investor portion. Employee reservation portion is at 15.8 lakh while policyholder reservation at 2.21 crore.
The retail investors’ portion has been subscribed 1.23 times till the end of the third day.
However, the non-institutional category has not seen full subscription yet. Qualified Institutional Buyers have subscribed 56 per cent of their portion so far. (ANI)