NewsGate Press Network

The Life Insurance Corporation (LIC) IPO closed Monday the 9th of May 2022 with total subscription at 2.95 times of the offer, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that the success of the offer has shown that even big issues can happen without depending on the foreign institutional investors (FIIs).

“This is also an example of Aatmanirbhar Bharat (self-reliant India),” he said referring to strong participation by domestic investors.

The LIC IPO received bids for 47.83 crore equity shares against 16.20 crore shares on the offer.

As per data available on the BSE, the quota set aside for policyholders saw very good response as it was subscribed 6.12 times.

Employees of the public sector corporation bid 4.39 times the allotted quota while retail investors bid 1.99 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 2.83 times.

The Non Institutional Investors (NIIs) booked 2.91 times.

As part of its disinvestment plan, the government is selling 3.5% of its stake or 22.13 crore shares in LIC through the IPO and is expected to raise upto Rs 21,000 crore.

LIC IPO is the largest-ever public issue so far in India. Pandey said that allotment of the shares would happen on May 12 and listing on the stock exchange on May 17.