Life Insurance Corporation’s (LIC’s) initial public offering (IPO) was subscribed 1.79 times on Sunday, a day before its close. The policyholder quota was subscribed over 5 times, employee portion 3.8 times and retail individual investor quota 1.6 times.
The institutional investor and wealthy investor have seen subscriptions of 67 per cent and 1.24 times, respectively.
Over the weekend, the IPO saw 1.2 million investors submit their bids worth over Rs 6,000 crore, said investment bankers.
The total applications received by the IPO have reached 5.9 million, highest-ever for a public offering in the domestic market. LIC was the first IPO to remain open on weekends.
The government has set the price band for the IPO between Rs 902 to Rs 949 per share, with an additional discount of Rs 45 and Rs 60, for retail and policyholders, respectively. At the upper-end of the price-band, LIC will have a market value of Rs 6 trillion, making it India’s fifth most valuable firm.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.