LIC IPO To Remain Open For Subscription Even On Saturday

As per the NSE release, the LIC IPO shall remain open for subscription even on Saturday. The company's IPO kicked off today i.e. May 4 and is seen garnering good response. As of 11:04 am, the subscription status in the IPO is 0.18x.

In the IPO, the President of India shall offload 3.5% stake in the insurance behemoth and sell close to 221.4 million shares for mopping around Rs. 21000 crore.

Anchor book portion in the IPO got fully subscribed with more than 70% of anchor allotment made to domestic mutual funds. In the anchor book quota, FPIs, corporates, pension funds as well as insurers participated. As many as 99 mutual funds invested into the issue and bought shares at the upper end of the price band of Rs. 902-949 per share.

For the LIC policyholders, 10% of the issue has been reserved and they would be eligible for Rs. 60 per share discount, while for the company's employees-5% quota has been reserved and they would be getting Rs. 45 per share discount.