The Life Insurance Corporation's (LIC) record Rs 21,000 crore initial public offer (IPO) received an overwhelming response, with the issue oversubscribed nearly three times.
Varun Sridhar, Chief Executive Officer of Paytm Money, said, "LIC pulled off the biggest IPO in the history of Indian Capital markets, with more than 7 million applications."
"On Paytm Money, we saw a surge in new account openings by 200 per cent during the LIC IPO, with a majority of accounts opened by first-time investors under 30 years of age. We congratulate LIC for the grand success," he added.
The allotment announcement is likely on May 12, and the stock exchanges' listing on May 17.
"Investors will get allotment confirmation on May 12, and all of India will watch in anticipation of the listing price on May 17. We advise Paytm Money investors to always think medium to long term for IPO stocks,' Mr Sridhar added.
Referring to the demand for the insurance giant's mega public offer - the phase which the LIC chairman has coined as "LIC 3.0" - Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey has said on Monday, "tremendous response from all 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,"
For more details: LIC IPO Fully Booked, Focus Shifts To Listing On May 17: Key Highlights