New Delhi (thestates.news)| More than 25 domestic and foreign anchor investors have expressed interest in the proposed maiden public offering by state-owned Life Insurance Corporation of India (LIC) on Monday.On the first day of subscription, the anchor investor portion of the LIC IPO was oversubscribed. The state-owned IPO began for anchor investors. The offer will close for subscription on May 9 and the allotment of shares will be finalised on May 12. LIC shares will make their debut on the stock exchanges on May 17.
On May 4, the LIC is to launch the largest IPO in Indian stock market history.The government of India will liquidate its 3.5 percent stake in the company through this IPO, with the goal of raising about Rs 21,000 crore at the upper end of the price range of Rs 902-949 per share. As a result, the company’s implied market capitalisation will be Rs 6 lakh crore. When LIC was founded in 1956, the government put in Rs 5 crore as seed capital.
QIPs, including anchor investors, will receive 50% of the offer, according to a representative from one of the lead managers.Apart from qualified institutional placements, he stated that anchor investors will receive 30% of the total (QIPs). The government’s sovereign insurance will continue under Section 37 of the LIC Act, according to LIC Managing Director Siddhartha Mohanty, even after the public offering.(HS)