LIC IPO oversubscribed; all latest updates you need to know

Life Insurance Corporation of India's (LIC) record of Rs 21,000 crore first public offering (IPO) was oversubscribed. According to market statistics, the IPO was booked 1.12 times as of midday, with investors competing for Rs 18.16 crore shares by the close of bidding on the third day of subscription for India's largest public offering, compared to Rs 16.20 crore shares on offer. The initial price range established by LIC was 902 to 949 per share.

Policyholders were subscribed to 3.40 times, workers 2.52 times, retail investors 1.03 times, non-institutional investors 0.51 times, and qualified institutional purchasers 0.40 times.
The LIC subscription, which is slated to conclude on May 9, offers a 45-per-share discount to staff and retail investors.

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LIC policyholders will receive a 60 per share discount. The Rs 21,000 crore value for an IPO would be the largest ever in the Indian market. Prior to this, the largest fundraise was witnessed in Paytm's IPO last year at 18,300 crore, and Coal India in 2010 at Rs 15,200 crore.

Due to the current market conditions, the country's largest insurer cut the size of its IPO from 5% to 3.5%. For several months, LIC has been alerting the public about the IPO through numerous platforms, including print and television commercials. It has also contacted policyholders through SMS and other means to alert them of the share sale.

Also Read | Why is LIC keeping IPO open on Saturday for retail investors?

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