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In a special dispensation, bidding for the initial public offering (IPO) of Life Insurance Corporation of India would remain open even on Saturday (May 7) between 10 am and 7 pm. The move comes given the huge size of the issue as well as the expected demand from retail investors.
Usually, bidding for IPOs is not available on Saturday. Sources indicated the move would also ensure less stress on the banking system.
The mega LIC IPO opened for subscription for retail and institutional investors on Wednesday. The government hopes to raise ₹21,000 crore from the issue.
The offer consists of 22.13 crore shares of which 5.92 crore shares have been allocated to anchor investors for ₹5,627 crore.
The price band is fixed at ₹902-949 per equity share.
A discount of ₹45 per share to retail and eligible employee categories and ₹60 per share to policy holder category is also being offered.
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