Business

LIC’s Mega IPO: Anchor Investor Portion Oversubscribed


LIC IPO will run from 4 May to 9 May for the public.

Mumbai:

The anchor investor portion of Life Insurance Corporation of India (LIC)’s initial public offering (IPO) was signed off on Monday, the first day of registration.

The IPO of the state-run LIC opened to anchor investors on Monday and will run from 4 May to 9 May to the public.

From the proposed IPO of Rs 21,000 crore, LIC aims to raise Rs 5,630 crore through anchor investors. The company reserved 59.3 million shares for the anchor investors.

According to sources, the bid of the anchor investors or large investors on the first day itself is twice as large as the anchor book.

LIC has set its initial public offering (IPO) price range at Rs 902 to Rs 949 per equity stake. Policyholders will receive a discount of Rs 60 per equity share, while retail investors and employees will receive a discount of Rs 45 on each share.

The IPO is a pure offering for sale. Of the 22.13 crore shares offered for sale, approximately 5.93 crore shares were reserved for anchor investor portion. Employee booking portion is at 1.58 million while policyholder reservation is at 22.14 million.

(Except for the headline, this story has not been edited by techlives staff and is being published from a syndicated stream.)

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