New Delhi, May 17 Shares of the much-awaited Life Insurance Corporation of India (LIC) made a weak listing on the stock exchanges on Tuesday.
The Indian insurance major listed on the stock exchanges at a discount of 8.62 percent at Rs 867, from its Initial Public Offering (IPO) issue price of Rs 949.
The initial public offering of LIC had, however, received a robust response from investors as the insurance major’s offer has been subscribed 2.89 times.
It received bids for 46.77 crore equity shares against the IPO size of 16.2 crore equity shares.
The portion set aside for policyholders has been subscribed 5.97 times, employees bid 4.31 times the allotted quota, and retail investors 1.94 times, while the reserved portion of qualified institutional buyers have booked 2.83 times and that of non-institutional investors 2.8 times.
The long-awaited IPO for the LIC was open for subscription till May 9.
The government has brought down the issue size from 5 percent to 3.5 percent — Rs 21,000 crore.
It will be a landmark public issue in the history of the Indian capital market and is poised to be India’s biggest IPO to date.