Home Business LIC IPO absolutely subscribed on day 2 of bidding

LIC IPO absolutely subscribed on day 2 of bidding

LIC IPO absolutely subscribed on day 2 of bidding

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NEW DELHI: India’s largest preliminary public supply (IPO) by insurance coverage behemoth Life Insurance coverage Company (LIC) was absolutely subscribed on day 2 bidding, information from exchanges confirmed.
Bids had been obtained for 16.25 crore shares as towards 16.20 shares being supplied on the market by LIC.
The portion reserved for policyholders and workers obtained probably the most variety of subscriptions. Whereas, the policyholders’ portion was subscribed 3.07 occasions, that for workers was subscribed 2.14 occasions.
In comaprison, certified institutional purchaser (QIB) and non-institutional investor (NII) portion has obtained a tepid response thus far. Non-institutional buyers’ section was subscribed 46 per cent, whereas QIBs’ portion was barely decrease at 40 per cent.
Retail particular person buyers picked up almost 91 per cent of the 6.9 crore shares put aside for this section.
The IPO opened for subscription on Could 4 and can keep open until Could 9, together with Saturday and Sunday.
Worth band for the IPO has been fastened at Rs 902-949 per fairness share.
The supply features a reservation for eligible workers and policyholders. The retail buyers and eligible workers will get a reduction of Rs 45 per fairness share, whereas policyholders will get a reduction of Rs 60 per share.
The federal government goals to generate about Rs 21,000 crore by diluting its 3.5 per cent stake within the insurance coverage behemoth.

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