Home Business Subscription status for LIC IPO Day 4: issue booked 1.66 times before...

Subscription status for LIC IPO Day 4: issue booked 1.66 times before 19:00, the largest queue for insurer quotas


On the fourth day of issue on Saturday, May 7, 2022, by 19:00 the initial public offer (IPO) of the Indian Life Insurance Corporation (LIC) was signed 1.66 times, according to data posted on stock exchanges.

The largest IPO in the history of the country received 26,83,18,335 bids against 16,20,78,067 shares. The Qualified Institutional Buyer Quota (QIB) was booked 0.67 times, and parts of non-institutional investors (NIIs) received bids 1.08 times on the fourth day.

Retail individual investors bet 10.06 crore of shares against the 6.9 billion shares set aside for this segment, which means a 1.43-fold subscription surplus.

Of the total number of insurers, a little more than four and a half times subscribed, and more than three and a half times.

The LIC has fixed the price range at Rs 902-949 per share for the issue. The offer includes reservations for relevant staff and policyholders. Retail investors and related employees will receive a discount of Rs 45 per share and insurers will receive a Rs 60 discount per share.

LIC’s public offering will remain open for subscription even on weekends so people can take part in the mega insurer of the state insurer. The IPO will end on May 9.

The government aims to get around 21,000 crore rupees by diluting the insurance company’s 3.5 per cent stake.

The LIC reduced the size of the IPO to 3.5 percent from the 5 percent previously determined, due to volatile market conditions. Even after reducing the size by about 20,557 crores, the LIC IPO will become the largest initial public offering in the country.

So far, the amount mobilized from the IPO Paytm in 2021 was the largest in history – 18,300 crore, followed by Coal India (2010) almost 15,500 crore and Reliance Power (2008) at 11,700 crore.

As of December 2021, LIC had a market share of 61.6 percent in terms of premiums or gross premiums, 61.4 percent in terms of new business premiums, 71.8 percent in terms of the number of individual policies issued and 88.8 percent in terms of in terms of the number of group policies issued.

With PTI inputs

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