LIC’s Rs. 21,000 Crore IPO Debuts In Grand Style
The most awaited IPO of the year, worth 21,000 Crore, sees great interest from investors
The much-awaited Initial Public Offering (IPO) for share sale of Life Insurance Corporation of India (LIC) opened for subscription this morning. The government-owned insurance giant stated that it has garnered around Rs. 5,627 crore from anchor investors ahead of the initial public offering (IPO).
So much so was the euphoria in the market that at around 12:03 pm today, the IPO was subscribed 28 per cent within two hours on the first day of bidding.The initial share sale attracted bids for 4.43 crore equity shares against the IPO size of 16.20 crore shares
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Though there were some murmurs over the IPO of the insurance giant from some parts of the society, the market seemed to have completely neglected the same and the IPO is witnessing strong support from all categories of investors.
The price band for LIC IPO is ₹ 902-949 per equity share and the public issue will close on May 9. LIC policyholders will get a discount of ₹ 60 per equity share, while retail investors and employees will get a discount of ₹ 45 on each share.
The IPO will take subscriptions even on Saturday (May 7), an unusual move from the government, aimed at attracting more and more investors in this stake sale.