Following a slow start, the LIC IPO subscription levels rose at a faster pace as the day wore on May 4 (Wednesday). By around 1.50pm, on the first day as the much awaited IPO opened, the total issue was subscribed 40% so far, with the policyholders’ segment subscribed 1.38 times.
The price band of LIC IPO was fixed at Rs 902-949 per share and the government aims to raise over Rs 21,000 crore by selling over 22.13 crore (22,13,74,920) shares or 3.5 per cent of its stake.
The IPO subscription process will continue till Monday, May 9. The company is offering a discount of Rs 60 per share for its policyholders and Rs 45 apiece for retail investors and LIC employees.
Investors who wish to subscribe to LIC IPO can bid in a lot of 15 equity shares and multiples thereafter. At the upper price band, they will be shelling out Rs 14,235 (excluding discounts) to get a single lot of LIC. The shares will be listed on both BSE as well as the National Stock Exchange (NSE).