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LIC IPO priced at top end of indicated range: Report

By Livemint
Life Insurance Corporation of India (LIC) logo is seen displayed in this illustration taken (REUTERS)

The government raised over 20,500 crore ($2.7 billion) as the biggest share sale priced at the top of the indicated range following strong demand from local investors.

LIC's mega public offering closed with nearly 3 times subscription at the end of the six-day bidding period, predominately lapped up by domestic retail and institutional buyers but foreign investor participation remained muted. 

Retail investors were given a discount of 45 on the offer price, while policyholders received a 60. The anchor portion of LIC IPO was more than 70% subscribed by domestic institutions, including mutual funds, insurance companies.

The government has diluted 3.5% stake in the insurance behemoth through the Offer for Sale (OFS). The government reduced issue size to 3.5% from 5% decided earlier due to the prevailing choppy market conditions.

Even after the reduced size of about 20,557 crore, the share sale is the biggest ever in the country. LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of 5 crore.

As of December 2021, LIC had a market share of 61.6% in terms of premiums or GWP, 61.4% in terms of new business premium, 71.8% in terms of the number of individual policies issued, and 88.8% in terms of the number of group policies issued.

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Dive Deeper:
LIC shares listing next week. What to expect
Life Insurance Corporation of India (LIC) shares will list on stock exchanges BSE and NSE next week on Tuesday
LIC shares may see tepid debut, indicates grey market
The government raised ₹20,500 crore from sale of 3.5% of its stake in LIC IPO
LIC listing: Govt fixes issue price at ₹949; retail investors, policyholders get discount
During the IPO, a discount of ₹45 per share discount to eligible employees of LIC and retail investors. Meanwhile, there…
LIC IPO share allotment: How to check your status
NEW DELHI: India's biggest initial public offer (IPO) by Life Insurance Corporation (LIC) received a stellar response from investors.
One subscription that gives you access to news from hundreds of sites
LIC IPO to list on Tuesday: Key things to know
LIC IPO: The shares of the insurance behemoth will start trading on Tuesday in the secondary market
Delhivery IPO: Institutional buyers push ₹5,235 cr issue through on final day
Data given on exchanges showed that Delhivery IPO received cumulative bids of about 101.6 million shares against the offered size…
Get all your news in one place