LIC IPO-Day 5
LIC IPO DAY 5: Overall oversubscription 2.95 times, policyholders 6.15 times, staff 4.99 times, QIB's 2.83 times
Mumbai/IBNS: The initial public offering (IPO) of Life Insurance Corporation, an Indian Statutory insurance and investment corporation, on Day 5 received a healthy response with the offer being oversubscribed 2.95 times, receiving a high rate of participation from tier 2 and tier 3 cities, according to Moneycontrol India.
The retail investor's quota was oversubscribed 1.99 times, the employee's portion was oversubscribed 4.99 times, and policyholders 6.15 times, while the qualified institutional buyers (QIB) portion was oversubscribed 2.83 times, according to media reports.
The non-institutional buyer's portion got oversubscribed 2.91 times, according to media reports.
The Indian insurance giant has 0.7 per cent of shares reserved for staff, 10 per cent for policyholders, and 31.25 per cent for retail investors, according to media reports.
The Government of India (GoI) seeks to offload 3.5 per cent stake as an offer on sale to generate 21,000 crores on the upper price band of Rs 949.
LIC's IPO is crucial for GOI to meet its asset sale target which has been reduced to Rs 65,000 cr from the last year's target of Rs 75,000 cr, reported Mint.
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