LIC IPO-DAY 2
DAY 2 LIC IPO: Staff over subscribes two times, policyholders 2.92 times, retail 88%, QIB 80%, and NII 45%
Mumbai/IBNS: Day two of Life Insurance Corporation (LIC)'s Initial Public Offering (IPO), largest IPO on Dalal Street, witnessed a strong demand with issues being subscribed 97 percent, policyholders over subscribed by 2.87 times, and staff oversubscribed by 2.08 times, according to Moneycontrol.
The retail investors subscribed 88 percent, Qualified institutional buyer (QIB) 40 percent shares of their allotted quota and Non-Institutional bidders 45 percent, according to Moneycontrol.
On Day 1, the IPO had got subscribed by 67 percent overall, while the reserved quota for policyholders got completely subscribed within three hours.
Reservation for LIC employees stands at 1.58 crore shares and for policyholders its 2.58 crore shares, reported The Economic Times citing LIC Management.
As per the category wise offer on shares, NII its 2.96 crore shares, Anchor investor its 5.93 crore shares, Retail investors its 6.92 crore shares and for QIB 3.95 crore shares, according to Bloomberg/Qunit.
Even after reducing the stake for sale from five percent to 3.5 percent, the Indian insurer's IPO is bigger than any other Indian maiden offer, according to media reports.
At a price bandwidth of Rs 902 - Rs 949 per share, the offer for sale consists of 22.13 crore shares, according to the insurance giant's red herring prospectus as reported by Bloomberg/Qunit.
LIC's IPO will liquidate the Government of India's stake by 3.5 percent with an aim to generate Rs 21,000 crores at the upper end of the price band, according to media reports.
The IPO opened on May 4 and will close on May 9 and bidding for it will remain open on May 7.
The allotment finalisation will take place on May 12, and the refund initiation occuring on May 13, ET reported.
The DEMAT transfer will happen on May 16 while the listing takes place on May 17, according to ET.
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