LIC IPO subscribed nearly three times

New Delhi, May 9

Life Insurance Corporation’s IPO was subscribed 2.95 times on the last day of offer period on Monday, helping the government mobilise about Rs 21,000 crore. Against 16,20,78,067 shares on offer, 47,83,25,760 bids were received, according to data posted on stock exchanges at 7 pm.

The Qualified Institutional Buyers (QIBs) category was subscribed 2.83 times. As many as 11.20 crore bids were received for the 3.95 crore shares earmarked for the segment.

With regard to non-institutional investors (NIIs), a total of 8,61,93,060 bids were received for 2,96,48,427 shares reserved for the category, reflecting a subscription of 2.91 times.

Retail individual investors bid for 13.77 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.99 times.

The policyholders’ portion was subscribed a little over six times, while that for employees was subscribed 4.4 times.

The government has diluted 3.5% stake in the insurance behemoth through the Offer for Sale (OFS).

LIC reduced its IPO size to 3.5% from 5% decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is the biggest initial public offering ever in the country. — PTI

Policyholers’ portion subscribed six times

• The qualified institutional buyers’ category was subscribed 2.83 times
• The non-institutional investors’ category was subscribed 2.91 times
• Retail portion was oversubscribed 1.99 times
• The policyholders’ portion was subscribed a little over six times