New Delhi: The government has fixed the issue price of LIC’s shares at Rs 949, which is at the upper end of the IPO price band, bringing in around Rs 20,557 crore to the exchequer.
After the initial share sale offer, the country’s largest insurance company will list itself on the stock exchange on May 17.
The initial public offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allotted to the bidders on May 12. The government sold over 22.13 crore shares or 3.5 per cent stake in LIC through IPO at the price band. 902-949 per share.
LIC’s retail investors and eligible employees were offered a discount of Rs 45 per equity share on the issue price, while a discount of Rs 60 per share was offered to policyholders.
As per the prospectus filed by LIC on May 12, the share sale offer price has been fixed at Rs 949 per equity share.
LIC policyholders and retail investors got shares at Rs 889 and Rs 904 per piece, respectively.
The shares were allotted to policyholders and retail investors after applying the applicable exemptions.
The government got about Rs 20,557 crore from the share sale.
LIC IPO – India’s biggest ever – closed with nearly 3x subscriptions, followed mainly by retail and institutional buyers, but participation from foreign investors remained muted.
So far, the amount raised from Paytm’s IPO in 2021 was the largest at Rs 18,300 crore, followed by Coal India (2010) at around Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
LIC had last month reduced the size of its IPO to 3.5 per cent from the earlier fixed 5 per cent due to prevailing market conditions. LIC IPO is the largest ever initial public offering in the country, despite a low size of over Rs 20,557 crore.
The stock sale was initially planned to hit the market in March. But uncertainty in the stock markets due to the Russo-Ukraine war pushed the issue into the current fiscal which began in April.
The proceeds from the LIC issue are about a third of the Rs 65,000 crore disinvestment target set for the current fiscal.
While it has already raised Rs 3,000 crore from minority share sale in ONGC, Rs 211.14 crore is likely to come after Pawan Hans handover management control to a consortium of Star9 Mobility Pvt Ltd, Big Charter Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas Is. Global Opportunity Fund SPC as of June.
In the last financial year, the government raised Rs 13,531 crore from disinvestment of central public sector enterprises, while the revised target was reduced to Rs 78,000 crore.
After the initial share sale offer, the country’s largest insurance company will list itself on the stock exchange on May 17.
The initial public offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allotted to the bidders on May 12. The government sold over 22.13 crore shares or 3.5 per cent stake in LIC through IPO at the price band. 902-949 per share.
LIC’s retail investors and eligible employees were offered a discount of Rs 45 per equity share on the issue price, while a discount of Rs 60 per share was offered to policyholders.
As per the prospectus filed by LIC on May 12, the share sale offer price has been fixed at Rs 949 per equity share.
LIC policyholders and retail investors got shares at Rs 889 and Rs 904 per piece, respectively.
The shares were allotted to policyholders and retail investors after applying the applicable exemptions.
The government got about Rs 20,557 crore from the share sale.
LIC IPO – India’s biggest ever – closed with nearly 3x subscriptions, followed mainly by retail and institutional buyers, but participation from foreign investors remained muted.
So far, the amount raised from Paytm’s IPO in 2021 was the largest at Rs 18,300 crore, followed by Coal India (2010) at around Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
LIC had last month reduced the size of its IPO to 3.5 per cent from the earlier fixed 5 per cent due to prevailing market conditions. LIC IPO is the largest ever initial public offering in the country, despite a low size of over Rs 20,557 crore.
The stock sale was initially planned to hit the market in March. But uncertainty in the stock markets due to the Russo-Ukraine war pushed the issue into the current fiscal which began in April.
The proceeds from the LIC issue are about a third of the Rs 65,000 crore disinvestment target set for the current fiscal.
While it has already raised Rs 3,000 crore from minority share sale in ONGC, Rs 211.14 crore is likely to come after Pawan Hans handover management control to a consortium of Star9 Mobility Pvt Ltd, Big Charter Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas Is. Global Opportunity Fund SPC as of June.
In the last financial year, the government raised Rs 13,531 crore from disinvestment of central public sector enterprises, while the revised target was reduced to Rs 78,000 crore.