Mumbai (Maharashtra): The initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 1.66 times at the end of the fourth day of bidding on Saturday.
The non-institutional investor (NII) portion has been fully subscribed. At the end of the fourth day, the NII portion was subscribed 1.08 times. Now only the qualified institutional buyers (QIB) portion remains below the full subscription. At the end of day four, the QIB portion was subscribed 67 per cent. Most bids in the QIB category is expected on the last day of the issue.
The country’s largest IPO opened for public subscription on May 4 and will close on May 9.
Policyholders and employees continue to lead the subscription. The policyholders’ portion was subscribed 4.67 times at the end of the fourth day of subscription. The employees’ portion has been subscribed 3.54 times.
The country’s largest insurer LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share.
Policyholders and employees are offered discounts in the country’s largest IPO. 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 the anchor investor portion. Employee reservation portion is at 15.8 lakh while policyholder reservation at 2.21 crore. (ANI)