Home Business LIC IPO subscription closes: Challenge oversubscribed practically 3 occasions

LIC IPO subscription closes: Challenge oversubscribed practically 3 occasions

LIC IPO subscription closes: Challenge oversubscribed practically 3 occasions

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NEW DELHI: India’s largest ever preliminary public supply (IPO) by Life Insurance Corporation (LIC) obtained a stellar response from traders.
On the shut of subscription on Monday, the problem was oversubscribed practically 3 occasions, with policyholders portion receiving the utmost bids at a bit over 6 occasions.
In line with trade information, in opposition to 16,20,78,067 shares on supply, 47,83,25,760 bids had been obtained.
The certified institutional consumers (QIBs) class was subscribed 2.83 occasions. As many as 11.20 crore bids had been obtained for the three.95 crore shares earmarked for the section.
Retail particular person traders bid for 13.77 crore shares as in opposition to 6.9 crore shares on supply for the section, translating into an over-subscription of 1.99 occasions.
The IPO opened for subscription by the general public on Could 4, whereas for anchor traders it opened on Could 2.
Worth band for the IPO was mounted at Rs 902-949 per fairness share.
The supply included a reservation for eligible staff and policyholders. The retail traders and eligible staff obtained a reduction of Rs 45 per fairness share, whereas policyholders bought a reduction of Rs 60 per share.
The federal government has diluted 3.5 per cent stake within the insurance coverage behemoth via the Supply for Sale (OFS).
Shares of LIC can be listed on each BSE and NSE on Could 17.
(With inputs from businesses)

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