67% issue subscription on LIC IPO day 1
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New Delhi: The Life Insurance Corporation of India's (LIC) initial public offering (IPO), the biggest one in the history of markets, was subscribed 67 per cent on Wednesday. It was the first day of bidding, IANS reported.
The LIC policy holders subscribed 1.99 times the portion reserved for them, leading to the initial share of buying in the insurance major's IPO. When the LIC employees' reserved portion got subscribed 117 per cent, the retail investors' portion got subscribed 60 per cent, as per reports.
Also, when non-institutional investors subscribed, 27 per cent of their portion qualified institutional buyers bought 33 per cent of their allotted quota.
The IPO for the LIC is to remain open for subscription till May 9. The government has lowered the issue size from 5 per cent to 3.5 per cent.
The IPO values LIC at Rs 6 lakh crore. The issue offers of the LIC were in the price band of Rs 902 to Rs 949.
When policyholders are offered a Rs 60 discount, the discount will be Rs 45 for retail investors.