LIC mega IPO gets subscribed nearly 3 times
Life Insurance Corporation (LIC) of India’s initial public offering (IPO) got subscribed 2.95 times on its final day of bidding.
The issue saw strong response from all investor categories, particularly its policyholders who single-handedly subscribed to 60 per cent of its issue size, followed by the retail investors and other investor categories.
As per the last update from stock exchanges, the portion reserved for eligible policyholders was subscribed 6.11 times, reservation for eligible employees was subscribed 4.40 times, retail individual investor category was subscribed 1.99 times; the non-institutional category witnessed subscription of 2.91 times and qualified institutional buyers category saw subscription of 2.83 times. The offer received bids worth over `45,000 crore for over 47.83 crore shares against the offered over 16.20 shares (excluding shares offered to anchor investors), as per the 7 pm data available on the bourses.
The mega issue received
Over 97 per cent of participation was from domestic investors, of which female investors contributed 26 per cent of the subscription. The top three contributing states are Maharashtra, West Bengal, and Gujarat
— B GOPKUMAR, MD, Axis Securities
the highest ever applications of over 73.37 lakh for an IPO in Indian capital market history.
The LIC IPO for the first time saw large participation from female investors and first-time investors.
“We have seen this IPO acting as a stimulus in driving retail participation in equity markets. We received substantial applications for this IPO. Over 97 per cent of participation was from domestic investors, of which female investors contributed 26 per cent of the subscription. As per our data, the top three contributing states are Maharashtra, followed by West Bengal, and Gujarat,” said B. Gopkumar, MD and CEO, Axis Securities.