Sees participation from 3.6 mn individual investors; policyholders lead
State-owned Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO), the largest ever in the domestic market, was fully subscribed on Thursday — the second day of the issue. The IPO, which will remain open till Monday, has so far generated bids worth Rs 20,744 crore, including the Rs 5,628 crore raised from anchor investors. Small investors have poured in over Rs 12,000 crore in the IPO. Sources said the issue had seen participation from 3.6 million individual investors from across India and expectations were that the total applications figure would hit a record 10 million.
At the end of day 2, the policyholders’ quota had seen over three times more demand than the shares on offer, while the employees’ portion was subscribed 2.22 times. The retail investor quota, the largest of the lot, was subscribed 93 per cent. The qualified institutional buyer (QIB) and high networth individual (HNI) categories were, on the other hand, subscribed 40 per cent and 47 per cent, respectively. Most bids in the QIB and HNI categories are expected to come on the last day of the issue….LIC IPO
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