Life Insurance Corporation (LIC) had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which was over subscribed nearly 3-times when it closed on May 9. The shares were lapped up mainly by retail and domestic investors, even as foreign investor demand was muted.
The initial public offering of LIC had, however, received robust response from investors as the insurance major's offer has been subscribed 2.89 times.
After rolling out Initial Public Offer (IPO) for public on May 4, India's largest insurance provider's share will be listed on the stock markets from today.
The share sale was initially planned to hit the markets in March. But the uncertainty in stock markets due to the Russia-Ukraine war pushed the issue to the current fiscal, which began in April.
India's insurance behemoth, the Life Insurance Corporation of India (LIC) finalised its IPO share allotment on May 12 while its stock will make its BSE and NSE debut on 17 May.
LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of over Rs 20,557 crore, LIC IPO is the biggest initial public offering ever in the country.
Investors can check the allotment status on BSE website or KFin Technologies Private Limited website.
Once the Life Insurance Corporation of India finalises the IPO share allotment, those who have applied for the initial public offering may check their application status
A bench of Justices DY Chandrachud, Surya Kant and PS Narasimha said that the court should be reluctant to grant any interim relief in matters of commercial investments and IPO.
The Supreme Court on Wednesday admitted a writ petition against the initial public offering (IPO) of Life Insurance Corporation of India (LIC) that got over early this week.
The initial public offering of Life Insurance Corporation of India has received robust response from investors with the insurance major's offer having been subscribed 2.89 times.
Though the government has brought down the issue size from 5 per cent to 3.5 per cent, it is a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date.
The long-awaited IPO of LIC will remain open for subscription till May 9.
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.
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 get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.