Mumbai (Maharashtra) [India], May 8 (ANI): Life Insurance Corporation of India’s initial public offering was subscribed 1.79 times on the 5th day of bidding. The issue opened for subscription on Wednesday, May 4, 2022, and continues to see a strong interest from all investor categories.
The portion reserved for eligible policy holders was subscribed 5.04 times, reservation for eligible employees was subscribed 3.79 times, the Retail Category was subscribed 1.59 times; the non-institutional category witnessed a subscription of 1.24 times and the qualified institutional buyers category saw a subscription of 0.67 times
The offer received bids for 29,07,81,915 shares against the offered 16,20,78,067 equity shares (excluding shares offered to anchor investors), as per the 7:00 pm data available on the bourses. The IPO is through an offer-for-sale (“OFS”) of up to 221,374,920 Equity Shares of Face Value of Rs 10 each. The issue will be open for subscription till Monday, May 9, 2022.
India’s largest life insurer, LIC had a market share of 61.6 per cent in terms of premiums or GWP, 61.4 per cent in terms of New Business Premium (or NBP), 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued, for the nine months ended December 31, 2021.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited, Nomura Financial Advisory, and Securities (India) Private Limited and SBI Capital Markets Limited are the book running lead managers to the issue. (ANI)