LIC fixes IPO price at Rs 949 apiece, listing could begin Tuesday
Mumbai/IBNS: Life Insurance Corporation (LIC), whose public issue ended Monday, has fixed its IPO price at Rs 949 apiece.
LIC issue which lasted from May 4 to May 9, was sold between the price band of Rs 902 - Rs 949.
The LIC IPO was oversubscribed 2.95 times on the final day of bidding as a result of strong demand by policyholders, staff, and retail investors.
The insurance giant had received bids for 478.3 million shares against the 162 million shares put forward for sale.
The biggest IPO ever in the domestic primary market received 7.3 million applications and broke Reliance Power's share sale record of drawing 4.3 million applicants.
The government of India (GoI) intended to raise Rs 21,000 crores by liquidating a 3.5 percent stake of its stake in LIC at the upper price band of Rs 949.