The country’s largest IPO has got a good response on the first day of the issue.
LIC’s IPO is getting good response from investors. The IPO is 67 percent full on the first day. The quota of policy holders is doubled.
Life Insurance Corporation of India (Life Insurance CorporationThe government is taking several steps to increase the participation of common people in the Initial Public Offering (IPO). reserve Bank of India (RBI) IPO of LIC (LIC IPOBank branches with ASBA (Application Supported by Block Amount) facility will remain open on Sundays as well. Public sector company LIC’s IPO has opened for retail and institutional investors on Wednesday. RBI said in a statement that the government has requested to open all the branches of ASBA on Sunday i.e. May 8 for processing LIC’s IPO applications.
The central bank said, after reviewing this request, it has been decided to open the bank branches with the facility of Esba on Sunday also. Generally investors apply for the issue through ASBA. LIC’s IPO will close on May 9 and bids can be placed on May 7 as well.
IPO to close on May 9
The government aims to raise Rs 21,000 crore by selling 3.5 per cent of its shares. LIC’s IPO will close on 9th May.
LIC IPO subscribed 67% on first day
LIC’s IPO is getting good response from investors. On the first day, there was a lot of enthusiasm among the policy holders of LIC and their quota has been double subscribed. The bid for more shares than the shares reserved for the employees has been received on the very first day. The retail quota has also been filled more than half. LIC’s IPO has filled 67 percent on the first day.
Will be able to invest in IPO on Saturday also
You will be able to invest money in LIC’s IPO on Saturday also. There is no trading in the stock market on Saturday and Sunday. But despite the closure of the market, retail investors will be able to invest in the issue even on Saturday i.e. May 7.
The IPO will close on May 9. The price band of this issue is Rs 902-949 per share. LIC is going to sell 3.5 percent of its shares through IPO. It is expected to raise Rs 20,557 crore.
In this issue, 35 percent of the total shares have been reserved for retail investors. At the same time, a discount of Rs 45 is being given to the employees in the IPO price. 10% share is reserved for the policy holders of LIC. Policyholders are being given a discount of Rs 60 per share. The lot size in this is 15 shares. Investors can bid for a maximum of 14 lots.
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