The IPO issue price for Life Insurance Corporation (LIC), which just finished its initial public offering (IPO) with 2.95 times the amount of subscription, is 949 per share. The largest LIC IPO ever held in the nation garnered 47.83 crore bids as opposed to the offered size of 16.21 crore during the public subscription period from May 4 to May 9. The pricing range for the LIC IPO was set at Rs 902–949 per share, and the business provided policyholders with a discount of Rs 60 per share and retail investors and LIC workers with a discount of Rs 45 per share. crores on the last day of bidding, 2.95 times as many people subscribed to LIC's initial public offering as there were available shares for qualified institutional buyers (QIBs). Against a 16.21 crore offer, 47.83 crores in bids were received.
On May 16, the shares are anticipated to be credited to qualified investors, and on May 17, the company is anticipated to list on stock exchanges. Today will mark the start of a refund for those who missed out on the share allocation (Friday). On Thursday, the business completed the share distribution.
By receiving 5.9 million applications for the nation's largest insurer's stock on May 8, the LIC IPO set a record. By the end of the third day of subscription, the portion allotted for retail investors had been fully subscribed, and by the end of the fifth day, 1.59 times. Retail individual investors have eventually submitted 13.8 crore bids for the issue, compared to the 6.9 crore shares reserved for them.
The much-anticipated IPO of Life Insurance Corporation was a huge success, according to DIPAM Secretary Tuhin Kanta Pandey, and the issue was approximately three times subscribed at the closing. This will eventually result in the listing of LIC and deepen the capital market, Pandey said. "We are glad to inform you that the IPO offer which commenced on the 4th of May has finished tonight at 7 pm and it has met with fantastic success from all categories of investors," he added.
According to Pandey, the LIC IPO received bids for 47.83 crore equity shares vs the 16.20 crore shares offered on the last day, which started on May 4. "Due to the LIC IPO, many new demat accounts were opened. The LIC IPO will be allotted on May 12.
LIC IPO Latest GMP
On Friday, the grey market is quoting the share price of LIC at a 25 rupee discount. Market watchers noted that the GMP (grey market premium) for the LIC IPO has been in the negative territory for three days in a row, which cannot be viewed as a positive development before the share listing date.
Market watchers reported that the LIC IPO GMP today is less than Rs 25, indicating that the LIC IPO grey market pricing has been essentially constant for the past 24 hours. The LIC IPO GMP was negative Rs 26 on Thursday.