Disinvestment Secretary Tuhin Kanta Pandey said on Monday that the public issue of Life Insurance Corporation has been successful as today the issue was subscribed nearly three times.
Pandey said he is optimistic about listing the day’s gains.
Investors bid for 478 crore shares against a total of 16.2 crore shares. Among LIC’s over 250 million policyholders, bids were oversubscribed six times.
Discounts were offered to policyholders 60 per share while 45 was offered to employees and retail investors.
The price range for the issue has been set between 902 and 949 per share and LIC is likely to be listed on May 17.
were trading at a premium of less than the shares of LIC in the gray market below 40, approx 100 before. Foreign investors and several domestic mutual fund houses had bid for its anchor book, which closed on May 2.
The 66-year-old company dominates the insurance sector in India with over 280 million policies. It was the fifth largest global insurer in terms of insurance premium collection in 2020, the latest year for which figures are available.