MUMBAI: The LIC IPO has made history with the number of applications for the issue crossing the 50 lakh mark, surpassing the 48 lakh applications for the Reliance Power issue in 2008. It shows the appetite among all participants, in particular small investors.
“The issue is a big hit among small individual investors especially going by the number of applications at the time of heavy market volatility ,” said Rajesh Palviya, technical head at Axis Securities.
As of latest count on May 7, the total number of applications received was 54.5 lakh. The issue was subscribed fully at 1.66 times with 26.83 crore shares bid for against the reserved portion of 16.21 crore shares.
In value terms , according to a source, against the book amount of Rs 14,929.96 crore at the upper cut-off (including the Rs 45 per share discount for employees and retail and Rs 60 per share discount for policy holders), the bid amount was Rs 24,364.65 crore by 7 pm.
This value excludes the anchor investor portion of Rs 5,627.27 crore . The total issue size is Rs 20,557.23 crore.
The non-institutional investor category was fully subscribed, with the figure at 1.08 times, that of policyholders stood at 4.67 times, employees at 3.54 times and QIB at 0.67 times. The government is offloading 3.5% stake through an offer for sale.
It’s the biggest issue to date. The IPO will close on May 9. The country’s biggest ever public offer is open for subscription on Saturday and Sunday as well.