New Delhi: The much-awaited Initial Public Offering (IPO) of the Life Insurance Corporation (LIC) hit the market on Wednesday with a price band of Rs 902 to 949 per equity share.
LIC has also witnessed a surge of 9 percent premium over its upper price band in the grey market as the Rs 21,000-crore.
As per the NSE data, the company issue was subscribed 0.18 times, while the policyholder's segment was subscribed 0.48 times while the employee's portion was subscribed 0.38 times.
Apart from these, the qualified institutional buyers (QIBs) were subscribed 0.00 times, the non-institutional investors were subscribed 0.04 times and the retail segment was subscribed 0.24 times.
Investors who wish to subscribe to LIC IPO can bid in a lot of 15 equity shares and multiples thereafter.
As per the data by IPO Watch and IPO Wala, LIC traded at a premium of Rs 85 per share in the grey market on Wednesday, against Rs 45 premium last Thursday.
The government is offloading 3.5% or 22.13 crore shares and targets to raise Rs 20,550 crore through this public issue.
Meanwhile, the LIC policyholders will get a discount of Rs 60 per equity share, while Retail and employees will get a discount of Rs 40.
Presently, as per the market observers, LIC is trading a healthy premium or GMP.
The company has already garnered more than Rs 5,000 crore through its anchor book on May 2, of which Rs 4,000 has been invested by 15 domestic mutual funds through 99 schemes.
Initially, the IPO was planned to be launched in March, but the Russia-Ukraine crisis has derailed the plans as stock markets are highly volatile.
In February, the insurance company had filed draft papers with the Securities and Exchange Board of India (SEBI) stating that it would sell a 5 percent stake or 31.6 crores shares in the insurer.
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