Insurance sector giant LIC's IPO will open for common investors from Wednesday i.e. today. Common investors will be able to bid on it till May 9. The IPO was opened for anchor investors on Monday and was oversubscribed on the very first day itself. The government will raise Rs 21,000 crore by selling its 3.5 percent stake in LIC. This is the biggest IPO ever in the Indian market. Earlier in 2021, Paytm had an IPO of Rs 18,300 crore and in 2010, Coal India had an IPO of Rs 15,200 crore.
LIC on Tuesday said it has raised over Rs 5,627 crore from anchor investors led by domestic institutions from its IPO. Anchor Investors (AI) share (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share. Of the shares allotted to AI, 4.2 crore shares (71.12 percent) were allotted to 15 domestic mutual funds. This allocation was done through the 99 scheme.
Apart from this, investments were also made by some domestic insurance companies and pension funds. Domestic investment institutions include ICICI Prudential Life Insurance, SBI Life Insurance, Kotak Mahindra Life Insurance, PNB MetLife Insurance, SBI Pension Fund, and UTI Retirement Solutions Pension Fund Scheme. Foreign partners include the Government of Singapore, the Monetary Authority of Singapore, Government Pension Fund Global, and BNP Investments LLP.
According to the IPO document, of the 22.13 crore shares offered for sale, 5.93 crore shares were reserved for anchor investors. 9.88 crore shares are reserved for qualified institutional buyers and 2.96 crore shares are reserved for non-institutional buyers. 15 lakh shares are for employees and 2.21 crore shares are for policyholders. The company will start trading on the stock exchanges on May 17. Most of the brokerage houses have given buy advice for LIC IPO.
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