LIC IPO Update On 9 May 2022 Last Day Of Subscription
LIC IPO: Today was the last chance to invest money in LIC’s IPO. The government had made a plan to raise about 21 thousand crores through this IPO. It has got about 2.95 times subscription on the last day of IPO subscription. In this way, the government has raised about Rs 21000 crore.
Know how many shares to offer?
16,20,78,067 shares were offered under LIC’s IPO. According to the data available on the stock markets till 7 pm, 47,83,25,760 bids were made by investors for these shares.
QIB got 2.83 times subscription
Shares in the Qualified Institutional Buyer (QIB) category were subscribed 2.83 times. 11.20 crore bids were made for 3.95 crore shares reserved for this category. Under the Non-Institutional Investor (NII) category, 2,96,48,427 shares were offered for which 8,61,93,060 bids were placed. Thus the NII segment has been subscribed 2.91 times.
6 times subscription received from LIC policy holder
Apart from this, talking of retail individual investors, bids of 13.77 crore shares were made on the offer of 6.9 crore shares to them. This segment is subscribed 1.99 times. The segment reserved for LIC policyholders has received over six times the subscription while the eligible LIC employees segment has received 4.4 times the bids.
IPO was opened on 4th May
Let us tell you that the IPO of LIC was opened on May 4. For this, a price band of Rs 902-949 per share was fixed. In this, apart from keeping some shares reserved for eligible policyholders and employees, they were also given exemption.
LIC IPO was the country’s largest IPO
The government has decided to sell its 3.5 per cent stake in LIC through this issue. The government was expected to get around Rs 20,557 crore from the sale of this stake. With this amount, LIC’s issue has proved to be the biggest IPO of the country so far. Before this, Paytm’s IPO, which came in 2021, was worth Rs 18,300 crore. Prior to that, in the year 2010, the IPO of Coal India was about Rs 15,500 crore.
The company was formed in 1956
LIC was formed on September 1, 1956 by nationalizing 245 private life insurance companies. At that time a capital of Rs 5 crore was infused in it. With the passage of time, LIC has become the largest company in the country. It controlled 61.6 per cent of the insurance premium business in December 2021.