LIC IPO: Total subscription At 1.38 Times, Retail Investors Booked 1.23 Times On Day 3

LIC Listing: The portion set aside for policyholders portion has been subscribed 4.01 times, employees 3.06 times, and retail investors subscribed 1.23 times

The IPO was launched on Wednesday and will remain open until May 9 (Monday). Image: Getty

Source : Getty

New Delhi: The mega initial public offering (IPO) of country's largest life insurer Life Insurance Corporation of India (LIC) has subscribed 1.38 times, receiving bids for 22.33 crore equity shares against offer size of 16.2 crore equity shares on Day 3, according to the BSE data.

The portion set aside for policyholders portion has been subscribed 4.01 times, employees 3.06 times, and retail investors subscribed 1.23 times, while QIBs bid for 56 per cent shares of their allotted quota. The NII lapped up 75 per cent of their portion.

The IPO was launched on Wednesday and will remain open until May 9 (Monday).

On Monday (May 2), the LIC fetched Rs 5,627 crore at the upper end of the price band from anchor investors. This amount was primarily led by domestic institutions. The portion reserved for anchor investors (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share.

The National Stock Exchange (NSE) in a notification said that the IPO of the insurance behemoth will take subscriptions even on Saturday.

The Centre is seeking to garner Rs 21,000 crore from the LIC listing. The government will dilute 3.5 per cent stake in the state-run insurance firm.

The IPO was slated for March this year (last fiscal year), however, was postponed till May because of geo-political tensions. The government initially sought to dilute 5 per cent stake in the insurance major, however, due to the ongoing war between Russia and Ukraine, coupled with volatile stock market and rising inflation rates, had compelled the government to postponed the listing.

LIC’s performance in contrast to that of the $2.5-billion IPO of Paytm, which saw a sluggish start and was fully sold only on the last day of the issue.