LIC IPO challenge value set at Rs 949; Itemizing could occur on Tuesday: Report

LIC’s IPO bought within the vary of Rs 902-949 from Could 4 to Could 9

LIC IPO | IPO | Market

Life Insurance coverage Company of India (LIC) has fastened the difficulty value of Preliminary Public Provide (IPO) at Rs 949, which is the highest of the indicative restrict. financial occasions, LIC’s IPO was bought within the vary of Rs 902-949 from Could 4 to Could 9. LIC is the largest IPO within the historical past of Indian inventory exchanges. The IPO was subscribed 2.85 occasions on the final day of bidding on account of sturdy demand from retail buyers, policyholders and workers of the corporate. As per alternate knowledge, the insurance coverage firm of India obtained bids for 478.3 million shares towards 162 million shares on sale (excluding anchor guide). The difficulty broke the 14-year-old document of Anil Ambani’s Reliance Energy share sale, which obtained 4.8 million purposes in 2008. LIC obtained over 7.3 million purposes. General, the LIC IPO was subscribed 2.95 occasions on the finish of the six-day bidding interval, which ended on Monday, Could 9.

As per the information posted on the inventory exchanges, 478,325,760 bids have been obtained towards 162,078,067 shares on supply.

The Certified Institutional Patrons (QIB) class was subscribed 2.83 occasions. 112 million bids have been obtained for the 39.5 million shares earmarked for the phase. Throughout the QIB phase, home monetary establishments and mutual funds bid for about 57.8 million shares, whereas international institutional buyers held lower than half of the 24.1 million shares. In respect of non-institutional buyers (NIIs), a complete of 86,193,060 bids have been obtained for 29,648,427 shares reserved for the class, representing a subscription of two.91 occasions. Retail particular person buyers bid for 137.7 million shares towards a proposal of 69 million shares for the phase, which translated into over-subscription of 1.99 occasions. The share of policyholders was subscribed a bit over 6 occasions, whereas that for workers was subscribed 4.4 occasions.

LIC lowered the dimensions of its IPO to three.5 per cent from the sooner fastened 5 per cent on account of prevailing market situations. Regardless of the low measurement of round Rs 20,557 crore, LIC IPO is the biggest ever IPO within the nation.

To this point, the quantity raised from Paytm’s IPO in 2021 was the biggest at Rs 18,300 crore, adopted by Coal India (2010) at round Rs 15,500 crore and Reliance Energy (2008) at Rs 11,700 crore. As of December 2021, LIC had a market share of 61.6 per cent when it comes to premiums or gross written premiums, 61.4 per cent when it comes to new enterprise premiums, 71.8 per cent when it comes to variety of particular person insurance policies issued and 88.8 per cent issued. By way of variety of group insurance policies.

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First printed: Fri, Could 13 2022. 10:48 IST

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