LIC public offer subscribed 67% on Day 1

New Delhi, May 4

LIC’s public offer, the country’s biggest-ever IPO, saw the policyholders’ portion being oversubscribed on the first day itself on Wednesday, though overall subscription stood at 67%.

The government aims to generate about Rs 21,000 crore by selling 3.5% stake in the insurance behemoth.

LIC’s initial public offering (IPO), open for retail and institutional investors, is set to close on May 9. The issue period also includes bidding on Saturday, May 7.

The portion reserved for policyholders was subscribed 1.9 times, while that for employees was fully subscribed during the first day itself, as per data available on the BSE.

The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60. Retail investors picked up nearly 60% of shares on offer. — PTI

Mega offering

• Policyholders’ portion oversubscribed 1.9 times
• Employees’ portion fully subscribed
• Non-institutional investors’ portion subscribed 27%
• Qualified institutional buyers’ portion subscribed 33%