LIC IPO Subscribed 68% on First Day

The issue of LIC IPO received 10.44 crore shares as against 16.20 crore shares on offer. According to stock exchange data, the initial public offerings (IPO) of Indian insurance giant Life Insurance Corporation (LIC) received bids for 10,44,20,535 shares as against 16,20,78,067 shares. This issue has been subscribed 0.64 times.

The issue started on May 4 and will remain open for bidding till May 9, 2022. The price band for the issue is Rs 902 to Rs 949 per equity share. It will also offer a discount of Rs 60 per share to LIC policyholders and a discount of Rs 45 to retail investors and eligible employees.

The object of the offer is to achieve the benefits of listing the equity shares on the stock exchanges. The Corporation expects that the proposed listing of its equity shares will enhance visibility and brand image as well as provide a public market for the equity shares in India.

The Singapore government's sovereign wealth fund (GIC) has subscribed shares worth more than Rs 414 crore through three funds. BNP Investments has subscribed for approximately Rs 450 crore worth of shares.