NEW DELHI: India's biggest initial public offer (IPO) by Life Insurance Corporation (LIC) received a stellar response from investors.
The issue was oversubscribed 2.95 times as six days of bidding came to an end on May 9.
Against 16,20,78,067 shares on offer, 47,83,25,760 bids were received, according to data posted on stock exchanges at 7 pm.
Maximum bids were received for policyholders' portion, which was subscribed a little over 6 times, followed by that for employees was subscribed 4.4 times.
Price band for the IPO was fixed at Rs 902-949 per equity share. LIC has now priced its IPO at the top of the indicated range, at Rs 949.
The offer included a reservation for eligible employees and policyholders. The retail investors and eligible employees got a discount of Rs 45 per equity share, while policyholders got a discount of Rs 60 per share.
Consequently, LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 a piece, respectively.
The qualified institutional buyers (QIBs) category was subscribed 2.83 times. As many as 11.20 crore bids were received for the 3.95 crore shares earmarked for the segment.
Within the QIB segment, domestic financial institutions and mutual funds bid for around 5.78 crore shares, while that by foreign institutional investors was less than half at 2.41 crore shares.
With regard to non-institutional investors (NIIs), a total of 8,61,93,060 bids were received for 2,96,48,427 shares reserved for the category, reflecting a subscription of 2.91 times.
Retail individual investors bid for 13.77 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.99 times.
Shares were allocated to bidders on May 12, while the stock will make its market debut on May 17.
Here's how allotment status can be checked:
Investors who have subscribed to LIC IPO can check their allotment statis on the BSE website.
* Open the BSE website on your browser and go to the investors portal for checking your status
* Under issue type select 'Equity'
* Then under issue name click on LIC from the dropdown
* Enter your permanent account number (PAN) and application number
* Click on search to view status details
Allotment status can also be checked on KFin Technologies portal, the registrar to the issue.
(With inputs from agencies)