Mumbai: The initial public offer of insurance behemoth Life Insurance Corporation (LIC) has been subscribed over 2 times till noon, on the last day of bidding on Monday.
The issue, which opened on May 4 attracted bids for 33.07 crore equity shares against the size of 16.20 crore shares. The retail individual investors' portion has been oversubscribed at 1.71 times, while the non-institutional investors' category has been subscribed 1.38 times.
Employee reserved and policyholder reserved portions have received an overwhelming response with both the categories being oversubscribed at 4 times and 5.37 times, respectively.
The public issue, which has a price band of Rs 902-949 would get listed at both the exchanges - BSE and NSE - on May 17. The issue comes with a discount of Rs 60 for policyholders and Rs 45 for retail and employees.
The government hopes to raise Rs 21,000 crore by diluting a 3.5 per cent stake in LIC. Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, JM Financial, JP Morgan India, Goldman Sachs (India) Securities, ICICI Securities, Nomura Financial Advisory and Securities (India) and SBI Capital Markets are the book running lead managers to the issue. (UNI)