The public issue of Life Insurance Corporation of India (LIC) was subscribed 1.66 times by close on May 7, the fourth day of bidding, garnering bids for 26.83 crore equity shares, against the offer size of 16.2 crore shares.
The IPO bidding platform for investors will remain open on Sunday, May 8 as well. The offer will close on May 9.
The issue has received total bids worth Rs 24,365 crore till the fourth day of subscription, up from Rs 20,269 crore on the previous day.
The participation by all kinds of investors remained strong so far, with policyholders being the big supportive segment putting in bids 4.67 times the allotted quota. They bid for 10.33 crore equity shares, valued at Rs 9,190 crore at a discounted price of Rs 889.
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Policyholders will get shares at a discount of Rs 60 per share to the final offer price, while the discount for employees and retail investors is Rs 45 per share.
The portion set aside for retail investors was subscribed 1.46 times. They invested Rs 9,102 crore so far in the LIC IPO, while employees bid 3.54 times the allotted quota.
Non-institutional investors' reserved portion was fully subscribed on Saturday, resulting in a subscription of 1.08 times, and that of qualified institutional investors 67 percent. They have invested more than Rs 5,500 crore in the public issue of the country's largest life insurance company, so far.
LIC opened its public issue on May 4, and since then it has been receiving a strong response from investors considering the issue size, say experts.
The government will be raising Rs 21,000 crore through LIC IPO by issuing 22.13 crore equity shares. The price band for the offer is Rs 902-949 per share.The anchor book of LIC IPO had also received a good response, as it raised Rs 5,600 crore from them on May 2 including Rs 4,000 crore from domestic mutual funds.