LIC IPO apply or not – Z+ Insurance

LIC IPO apply or avoid | Details of LIC IPO | LIC IPO Review in hindi | #licipo #licipolatestnews

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LIC IPO: Day 1, 67% booked, employees and policyholders oversubscribe quota

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The mega initial public offering (IPO) of Life Insurance Corporation (LIC) received a strong response from investors with 67 per cent of the shares getting sold out on Wednesday, the first day of bidding, despite the stock market plunging 2.29 per cent after the Reserve Bank of India hiked interest rates.

LIC policyholders led the subscription list, with their quota subscribed 1.99 times (199 per cent). The portion for employees was subscribed 117 per cent. The retail investors portion, meanwhile, was subscribed 60 per cent, according to stock exchange data.

While 2.21 crore shares were allotted for policyholders, there were bids for 4.40 crore shares. Employees bid for 18.53 lakh shares against their quota of 15.81 lakh shares.

The first day’s response from investors for the IPO has been strong despite the RBI’s rate hike which came after the market opened. The 1,307-point Sensex fall did not affect the IPO much, analysts said.

Non-institutional investors subscribed 27 per cent of their portion while qualified institutional buyers (QIBs) bought 33 per cent of their allotted quota of 3.95 crore shares. QIBs normally put in their bids on the last day of the IPO, investment bankers said.

Overall, there were bids for 10.86 crore shares as against the total IPO size of 16.20 crore shares on the first day, exchanges said. The issue will close on May 9.

The corporation has priced the IPO in the range of Rs 902-949 per share. It has offered a discount of Rs 60 for policyholders and Rs 45 for retail investors and employees. The size of the IPO was cut from Rs 65,000 crore to Rs 21,000 crore as the Russian invasion of Ukraine and sustained selling by foreign investors sent the stock markets into a tailspin.

Domestic mutual funds invested Rs 4,002.27 crore, accounting for 71.12 per cent of the total anchor book portion of the IPO. SBI Mutual Fund invested Rs 1,006.89 crore, becoming the largest investor in the anchor book quota.

LIC mobilised Rs 5,627 crore from anchor investors on Monday. Four equity schemes of SBI MF invested the amount, with SBI Equity Hybrid Fund alone putting in Rs 518.99 crore, according to data available with exchanges.

Seven schemes of ICICI Prudential Mutual Fund invested Rs 725 crore in the LIC IPO. HDFC Mutual Fund was allocated shares worth Rs 525 crore. Aditya Birla Sun Life MF, Axis Mutual Fund, Kotak MF, L&T MF and Nippon India MF, among others, also invested in the anchor portion.

Among foreign funds, BNP Investments LLC was allocated shares worth Rs 449.99 crore. Govt Pension Fund Global of Norway invested Rs 224.99 crore. The government of Singapore invested Rs 151.67 crore and the Monetary Authority of Singapore put in Rs 38.32 crore.

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