LIC IPO: State insurer raises over Rs 5,600 crore from anchor investors
India Today
The government aimed to raise about Rs 21,000 crore through LIC's IPO. The issue would open for institutional and retail buyers from May 4 to May 9.
The LIC IPO got off to a bumper start as the national insurer garnered around Rs 5,620 crore. This came after the anchor investor portion of the initial public offering was subscribed fully, according to reports.
The issue opened for anchor investor subscription on Monday. "Anchor book is to be allocated up to the maximum allowable limit of Rs 5,620 crore. It's fully done," the official told PTI.
The government is selling 22,13,74,920 shares in LIC at a price band of Rs 902-949 a share.
The government aimed to raise about Rs 21,000 crore. The issue would open for institutional and retail buyers from May 4 to May 9.
The LIC share sale would be the biggest ever amount raised through an initial public offering in the Indian stock market. The previous such high fund-raising was seen in the IPO of PayTM in 2021 at Rs 18,300 crore and Coal India in 2010 at Rs 15,200 crore.
Of the over 22.13 crore LIC shares on offer, over 9.88 crore shares are reserved for qualified institutional buyers and over 2.96 crore shares for non-institutional buyers.
Up to 15,81,249 shares and 2,21,37,492 shares are reserved for employees and policyholders.
