New Delhi: The much-awaited initial public offering (IPO) of Life Insurance Corporation of India (LIC) has closed, and the company will finalize the allotment by Thursday, May 12, as announced by DIPAM Secretary Tuhin Kant Pandey.
The LIC IPO opened for subscription between May 4-9. The issue was kept open for bidding during the weekends as well, an unusual way to attract investors.
LIC’s Rs 20,557 crore IPO was sold in the range of Rs 902-949 per equity share, where eligible policyholders received a discount of Rs 60 apiece, whereas retailers and eligible employees were offered a discount of Rs 45 per share.
The issue was entirely an offer for sale by the government of India, wherein it has offloaded only a 3.5 per cent stake.
The issue was overall subscribed 2.95 times, thanks to strong participation from policyholders and employees, whose portions were subscribed 6.12 times and 4.4 times, respectively.
Qualified institutional investors made 2.83 times bid for their allocations, whereas non-institutional investors’ portion was subscribed 2.91 times. The quota for retail bidders was subscribed 1.99 times.
Investors, who had bid for the issue, can check the allotment status on BSE website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Life Insurance Corporation of India Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit submit
You can also check the allotment status on the online portal of KFin Technologies Private Limited (https://kcas.kfintech.com/ipostatus), the registrar to the issue.
The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatch, and uploading of refunds, and attending to all investor-related queries after the issue is completed.
1) Go to the web portal of KFin Technologies Private Limited
2) Click on the ‘LIC IPO’ tab, given separately
3) You may LIC IPO be required to select either one of the three modes: Application number, Client ID or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit
Bidders who could not get allotment in the IPO may see the initialisation of refunds on May 13. Others, who would be allotted shares may see the credit of shares in the demat account by May 16. The listing of the IPO is likely on May 17.