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  • LIC's mega share sale subscribed 67% on first day
  • May 05,2022  08:52

  • Life Insurance Corporation of India's (LIC's) initial public offering (IPO), which opened for subscription on Wednesday, was subscribed 67%, or 0.67 times, at the end of Day 1, driven by robust interest from its policyholders, employees, and the retail segment. The issue will remain open till May 9.

    The policyholders' segment was subscribed close to two times, the employees' segment 1.17 times, and the retail segment 0.6 times. The non-institutional investors and qualified institutional buyers' segments were subscribed 0.27 times and 0.33 times, respectively, on the first day.

    The offer received bids for 108.6 million shares against the offered 162.7 million shares. The retail category and LIC employees were given a discount of Rs 45, while LIC policyholders were given a discount of Rs 60 per share. The issue has a price band of Rs 902-949.

    Interestingly, LIC's IPO will remain open for subscription even on the weekend, given the large amount the government is looking to raise from the market.

    The insurance behemoth on Monday raised Rs 5,627 crore from anchor investors ahead of its IPO, with 71% of the amount coming from domestic mutual funds (MFs). In total, the state-owned insurance giant allotted nearly 59.3 million shares to 123 investors at Rs 949 apiece, with 42.17 million shares allotted to 15 domestic mutual funds through 99 schemes.

    The government is looking to raise Rs 20,557 crore by diluting a 3.5% stake in the insurer, making it the biggest public offering of the Indian capital market. Initially, the government was looking to dilute 5% in the insurer, but given the volatile market conditions due to geopolitical tensions, it decided to reduce the equity dilution.

    LIC has been valued at 1.1 times its embedded value of Rs 5.39 trillion. Post listing, it could have a market cap of Rs 6 trillion, making it one of the most valuable firms in the country.

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