Life Insurance Corporation of India on Thursday allotted 16.2 crore shares as part of its initial public offering (IPO). The total allotment amount is ₹14,929.95 crore, sources indicated. In all, the Centre will raise about ₹20,557 crore from the IPO.
LIC had previously raised ₹5,627 crore from 123 anchor investors ahead of the IPO. In the IPO, LIC received 39.5 crore valid bids for shares.
The IPO opened on May 4 and closed on May 9. QIBs other than anchor investors and non institutional investors were allotted shares at a price of ₹949 apiece.
Retail individual bidders and eligible employees were allotted shares at a price of ₹904 apiece. Eligible policyholders were allotted shares for ₹889 apiece.
Retail investors and eligible employees got a discount of ₹45 per share, while policyholders got a discount of ₹60 per share. The price band was fixed at ₹902-₹949 per equity share.
The government is divesting 3.5 per cent stake in LIC through the IPO. The listing is expected on May 17.