LIC IPO closes: Share allotment on May 12, all eyes on listing day
Zee News
The DIPAM secretary said the allotment of shares to the investors will be done on May 12 and the refunds will be processed soon thereafter.
New Delhi: After the initial public offering (IPO) of Life Insurance Corporation of India (LIC) closed on Monday, all eyes are on the listing day.
Addressing a conference at the end of the six-day subscription window today, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said, "The LIC IPO offer opened on May 4. It closed today at 7 pm. Tremendous response from all categories of investors including policyholders and others like retail and QIB has been seen in the IPO. The LIC IPO is expected to deepen the capital markets."
Asked about low participation on foreign institutional investors (FII), Pandey said LIC IPO is an example of Atma Nirbhar Bharat. Distant remote location investors have invested. Predominantly this issue has been domestically lifted.
The DIPAM secretary said the allotment of shares to the investors will be done on May 12 and the refunds will be processed soon thereafter.
On allotment of the shares to the applicants, Pandey said, "Procedure is there will be an allotment. The entire system is well described in the prospectus. The plan is to have an allocation on May 12. The applicants who get an allotment will get the shares while the refunds processed soon for those who did not get an allotment. The stocks will be there in the Demat accounts of those before May 17."
