LIC IPO Subscription Status Day 1: Employees, policy holders quota oversubscribed; total subscription at 67%
LIC IPO Subscription Status Day 1: The initial public offering of Life insurance corporation (LIC) has opened for subscription on Wednesday, May 4, 2022 and will conclude on May 9, 2022. So far, Paytm, which mobilised Rs 18,300 crore last year, and Coal India with Rs 15500 crore have raised maximum amount from the secondary market.
LIC aims to raise Rs 20,557 crore through 3.5 per cent share sale. Earlier, LIC has said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions.
LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will also get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per share.
LIC IPO Subscription Status Day 1: The initial public offering of Life insurance corporation (LIC) has opened for subscription on Wednesday, May 4, 2022 and will conclude on May 9, 2022. So far, Paytm, which mobilised Rs 18,300 crore last year, and Coal India with Rs 15500 crore have raised maximum amount from the secondary market.
LIC aims to raise Rs 20,557 crore through 3.5 per cent share sale. Earlier, LIC has said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions.
LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will also get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per share.
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LIC IPO: The public issue of Life Insurance Corporation of India (LIC) which opened on Wednesday, was subscribed 67 per cent or 0.67 times overall according to the adata available on the BSE as of 7 pm.
Out of the total shares 16,20,78,067 available for subscription, number of shares bid received by the company was 10,86,91,770. In the policyholder category, the issue was subscribed neary 2 times. Meanwhile, in retail category (Retail Individual Investors), Non-institutional Investors category and Qualified Institutional Buyers (QIB) category, the issue was subscribed 0.60 times, 0.27 times, 0.33 times respectively. In the employee category, the issue was subscribed 1.17 times.
LIC IPO received good response on the first day of the opening of the India's largest initial public offer. The issue was subscribed 0.63 times at 5.12 pm, as per BSE IPO data. Against total 16,20,78,067 equity shares, bids were made for 10,19,53,305 shares on Wednesday. The subscription was led by LIC policy holders, who subscribed to the issue 1.85 times. It was followed by employees who subscribed to the issue 1.5 times, retail investors portion was booked 0.56 times, QIBs saw 33% bidding, while Non-Institutional Investors subscribed to the issue 0.25 times, as per the BSE IPO data at 5.12 pm.
Source: BSE
Employees' category fully subscribed
After LIC policyholders' quota, now employees category was also fully subscribed. Overall subscription at 0.61 times, retail portion booked more than 0.5 times, NIIs category was subscribed 0.25 times and QIBs portion was booked 0.33 times of the allotted shares so far on Day 1.
Source: BSE
Over 1000 point crash in Sensex soured sentiments on the opening day of LIC IPO:VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The MPC's decision, in an unscheduled meeting, to raise the repo rate by 40bp and CRR by 50 bp is a surprise since it came on the LIC IPO opening date. MPC's proactive move is justified from the perspective of inflation management, but the timing leaves a lot to be desired. The above 1000 point crash in Sensex has soured the sentiments on the opening day of India's largest IPO. The 10-year bond yield has spiked to above 7.39% indicating an imminent rise in the cost of funds"
Markets decline more than 1% after opening positive. Is LIC IPO behind weakness in the market? Watch full analysis
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Buoyed by a discount of Rs 60 per equity share for LIC policyholders in the India's largest IPO, the policyholders quota was booked 1.42 times as retail portion saw subscription of 44% around 2 pm on Wednesday. Non-Institutional Investors category was subscribed 0.09 times. Total subscription stood at 41% with bidding for 6,70,17,390 equity shares against 16,20,78,067 shares on sale.
Source: BSE
LIC policy holders have been leading the subscription on Day 1 as quota reserved for them was subscribed 1.28 times. At the same time, overall subscription stood at 37%
Source: BSE
LIC IPO was subscribed 25%, around 12.30 PM as bids for 4,00,43,220 shares were made against total quota of 16,20,78,067 equity shares.
LIC Policyholders' quota was booked 65%, employees' portion was subscribed over 50% and retail investors bid for 33% of the total allocated shares.
At 11.50 am, LIC IPO was subscribed 0.22times, with bids being made for 3,48,50,700 shares against total quota of 16,20,78,067. Policyholders portion filled 56%, employees quota saw 44% subscription and retail category was subscribed 30% of its alloted portion.