New Delhi [India]: The share allotment of Life Insurance Corporation of Iindia will be done on May 12 and the country’s largest insurer will be listed on the stock exchanges on May 17, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on Monday.
The company’s initial public offering (IPO), which closed at 7 pm on Monday, has been subscribed 2.95 times. Policyholders have led the subscription. The portion of shares set aside for policyholders has been subscribed 6.11 times. Employees’ portion has been subscribed 4.39 times.
Asked about the expected market response on a listing day considering the recent slump, Pandey said, “Let’s hope that everything goes well on the listing day.”
Policyholders have led the subscription. The portion reserved for policyholders has been subscribed 6.12 times. Policyholders have made bids for Rs 12,034 crore. The employees’ portion has been subscribed 4.4 times, and the retail individual investors’ portion saw 2 times subscription.
Addressing a press conference, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the success of the issue reflects the strength of ‘Aatmanirbhar Bharat’.
“LIC IPO has met with tremendous success from all categories of investors. At the close of subscription on Monday, the issue was oversubscribed nearly 3 times, with policyholders’ portion receiving the maximum bids at a little over 6 times,” Pandey said. 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 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.