LIC's Initial Public Offer Subscribed 1.65 Times On Fourth Day Of Issue

The initial public offer (IPO) of Life Insurance Corporation (LIC) was subscribed 1.65 times on fourth day of subscription on Saturday, May 7, 2022.

The public issue was subscribed 1.45 times in the retail category, 1.08 times in the non-institutional investors category, whereas employees share was subscribed by as much as 3.54 times. The policy holders' share was hugely subscribed by 4.65 times, the qualified institutional buyers (QIBs) share though was subscribed only 0.67 times.

The IPO is open for subscription even tomorrow, i.e. on Sunday (May 8, 2022). The All India Bank Officers' Confederation (AIBOC) though, has objected to opening of all Application Supported by Blocked Amount (ASBA) designated branches on Sunday, saying that Reserve Bank of India's (RBI) decision does not serve any purpose as most of the applications are filed digitally.

Most of the branches are ASBA designated with rapid digitisation.

Government of India will be selling 3.5 percent or 22.13 crore equity shares through offer for sale of LIC. More than Rs 5,600 crore has already been raised from anchor book on May 2.

The IPO had opened for subscription on May 4 for retail and other investors and will close on May 9.