Finance
On Tuesday, shares of the much-anticipated Life Insurance Corporation of India (LIC) debuted on the stock exchanges with a shaky start.
The Indian insurance major debuted on the stock exchanges at an 8.62 percent discount to its IPO issue price of Rs 949, at Rs 867.
The initial public offering of LIC, on the other hand, received a strong response from investors, with the offer being subscribed to 2.89 times.
It received bids for 46.77 crore equity shares, which exceeded the IPO size of 16.2 crore equity shares.
The portion reserved for policyholders was bid on 5.97 times, employees bid 4.31 times the allotted quota, and retail investors bid 1.94 times, while qualified institutional buyers bid 2.83 times and non-institutional investors bid 2.8 times.
The LIC’s long-awaited initial public offering (IPO) was open for subscription until May 9.
The government has reduced the size of the issue from 5% to 3.5% — Rs 21,000 crore.
It will be a watershed moment in the history of the Indian capital market, and it is expected to be India’s largest IPO to date.
LIC is valued at Rs 6 lakh crore in the IPO.
The LIC’s issue offer was priced between Rs 902 and Rs 949.
In addition, policyholders received a Rs 60 discount, while retail investors received a Rs 45 discount.
Source:Web
