Finance
The Life Insurance Corporation’s (LIC) record 21,000 crore initial public offering (IPO) received a massive response, with the issue nearly three times oversubscribed.
Paytm Money CEO Varun Sridhar stated, “LIC pulled off the largest IPO in the history of Indian capital markets, with over 7 million applications.”
“During the LIC IPO, we saw a 200 percent increase in new account openings on Paytm Money, with the majority of accounts opened by first-time investors under the age of 30. We congratulate LIC on its tremendous success “He continued.
The allotment announcement is expected on May 12, with the stock exchanges listing on May 17.
“Investors will receive allotment confirmation on May 12, and the entire country will be watching for the listing price on May 17.” We always advise Paytm Money investors to think medium to long term when investing in IPO stocks,’ Mr Sridhar added.
Referring to the demand for the insurance giant’s mega public offer, dubbed “LIC 3.0” by the LIC chairman, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said on Monday that “tremendous response from all investors, including policyholders and others like retail and QIB, has been seen in the IPO.” The LIC IPO is expected to broaden capital markets.”
Source:NDTV
