Shares reserved for non-institutional investors, including high networth individuals, in LIC’s public offer were subscribed fully on the fourth day on Saturday, taking the overall subscription of the issue to 1.66 times.
A total of 3,21,59,055 bids were received for 2,96,48,427 shares reserved for NIIs, reflecting a subscription of 1.08 times, according to the data posted on stock exchanges at 7 pm.
However, the Qualified Institutional Buyer (QIB) category received a poor response as just 0.67 per cent of the shares earmarked received bids on Saturday.
The overall LIC issue was subscribed 1.66 times. Against 16,20,78,067 shares on offer, 26,83,18,335 bids were received.
Retail individual investors bid for 10.06 crore shares against 6.9 crore shares set aside for this segment, translating into a subscription of 1.46 times.
Of the total, the policyholders’ portion was subscribed 4.67 times, while that for employees was subscribed 3.54 times.
LIC has fixed the price band at Rs 902-949 per equity share for the issue. LIC’s public offer will remain open for subscription even on Sunday to enable people to participate in the mega IPO of the state-owned insurer.
The initial public offering (IPO) will close on May 9.
