LIC’s Public Offer Subscribed 1.79 Times On 5th Day Of Issue: 10 Points

LIC’s IPO subscribed 1.74 times on the fifth day of issue

The Initial Public Offer (IPO) of Life Insurance Corporation (LIC) got subscribed 1.79 times on the fifth day of subscription on Sunday, 8th May, 2022. The government plans to raise Rs 21,000 crore through a public issue and the insurance giant has launched a major awareness blitzkrieg, encouraging policy holders, employees as well as the general public to wholeheartedly subscribe to it.

Let’s take a look at all the developments related to the country’s biggest public offer in 10 points.

  1. The public issue was subscribed 1.59 times in the retail category, 1.24 times in the non-institutional investor category, while the employees’ share was subscribed up to 3.79 times.

  2. While the policyholders’ share was subscribed up to 5.03 times, the Qualified Institutional Buyers (QIB) share was subscribed however only 0.67 times.

  3. Despite being a Sunday, the IPO has been kept open for subscription as the government wants to provide investors with maximum opportunities to book the issue.

  4. The All India Bank Officers’ Confederation (AIBOC), however, on Sunday objected to the opening of all Application Supported by Blocked Amount (ASBA) designated branches.

  5. It had said in a statement that the Reserve Bank of India’s (RBI) decision serves no purpose as most applications are filed digitally.

  6. AIBOC in a letter to the RBI governor said, “With the last date (of LIC IPO) being on 9th May…we fail to understand the reason for RBI notification to open branches on Sunday (May 8th).” “

  7. The association said that most of the branches are ASBAs which have been designated with rapid digitization.

  8. The Government of India will sell 3.5 per cent or 22.13 crore equity shares through an offer for sale of LIC. More than Rs 5,600 crore has already been raised from Anchor Book as on 2nd May.

  9. The IPO was open for subscription to retail and other investors on May 4 and will close on May 9.

  10. LIC Chairman MR Kumar had earlier said that the company is well capitalised.

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