Dalal Street in focus as LIC IPO opens for subscription

The Dalal Street would be in focus as the subscription for the initial public offering of insurance major Life Insurance Corporation has opened on Wednesday.

The long-awaited Initial Public Offering (IPO) for the LIC will remain open to subscription till May 9.

The government has brought down the issue size from 5 per cent to 3.5 per cent.

It will be a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date.

The IPO values LIC at Rs 6 lakh crore.

The issue offer of the LIC will be in the price band of Rs 902 to Rs 949.

Also, the policyholders will be offered a Rs 60 discount, while for retail investors, the discount will be Rs 45.

Domestic mutual funds reportedly invested Rs 4,002 crore, accounting for a little over 71 per cent of the total anchor book portion of the much-awaited initial public offering (IPO) of Life Insurance Corporation (LIC).

The insurance major mobilised a total of Rs 5,627 crore from anchor investors on Monday.

An anchor investor in an IPO is a qualified institutional buyer (QIB) which invests before the IPO is made available to the public as per market regulator SEBI's regulations in order to instill confidence among investors.