LIC IPO: Government has set LIC issue price at Rs 949 per share; Policy holder,

LIC IPO: The government has set the issue price of LIC shares at Rs 949 per share before the listing of the country’s largest insurance companies on May 17, at the top of the IPO price band.

However, LIC policyholders and retail investors received shares at Rs 889 and Rs 904 per share, respectively.

The initial public offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allotted to bidders on May 12. The government has sold more than 22.13 crore shares or 3.5 per cent shares of LIC through IPO at Rs 902-949 crore.

Retail investors and eligible employees of LIC were given a discount of Rs 45 per equity share on the issue price, while policyholders received a discount of Rs 60 per share.

According to the prospectus submitted by LIC on May 12, the offer price of the share sale has been fixed at Rs 949 per equity share.

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The shares were allotted after applying applicable discounts for policyholders and retail investors.

The government received about Rs 20,557 crore as a result of the sale of shares.

The LIC IPO РIndia’s largest so far Рclosed with almost 3 times the subscription, mainly completed by retail and institutional buyers, but the participation of foreign investors remained silent.

So far, the amount raised from Paytm’s IPO in 2021 was Rs 18,300 crore, followed by Coal India (2010) at around Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC reduced its IPO size from 5 per cent to 3.5 per cent last month, which was decided earlier due to prevailing market conditions. Despite a reduction of over Rs 20,557 crore, LIC IPO is the largest initial public offering in the country.

LIC will list on the stock exchange and its shares will start trading from May 17.

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