Day 3: LIC IPO subscribed 1.38 occasions

The mega preliminary public providing (IPO) of Life Insurance Corporation (LIC) was subscribed 1.38 occasions (138 per cent) on Friday with traders placing in bids for 22.36 crore shares as towards the general public supply of 16.20 crore shares.

LIC policyholders’ quota was oversubscribed 4.01 occasions (401 per cent) and the worker reserved portion attracted 306 per cent subscription. The retail traders portion was subscribed 123 per cent, in response to knowledge revealed by the inventory exchanges.

Retail traders bid for 8.53 crore shares as towards their quota of 6.91 crore shares. While 2.21 crore shares had been allotted for policyholders, there have been bids for 8.88 crore shares. Employees bid for 48.33 lakh shares as towards their quota of 18.51 lakh shares.

Non-institutional traders have subscribed 76 per cent of their portion whereas certified institutional patrons (QIBs) purchased 56 per cent of the allotted quota of three.95 crore shares. Majority of the bids within the QIB quota had been put by banks, home establishments, insurance coverage firms and mutual funds. QIBs usually put of their bids on the final day of the IPO. Foreign traders put in bids for 8.40 lakh shares.

The subject will shut on May 9.

The company has priced the IPO within the vary of Rs 902-949 per share. It has provided a reduction of Rs 60 for policyholders and Rs 45 for retail traders and staff. The dimension of the IPO was reduce from Rs 65,000 crore to Rs 21,000 crore because the Russian invasion of Ukraine and sustained promoting by international traders despatched the inventory markets right into a tailspin.
LIC mobilised Rs 5,627 crore from anchor traders on Monday. Domestic mutual funds invested Rs 4,002.27 crore, accounting for 71.12 per cent of the full anchor ebook portion of the IPO. SBI Mutual Fund invested Rs 1,006.89 crore, turning into the biggest investor within the anchor ebook quota.