The Central Government-owned life insurance company, Life Insurance Corporation of India (LIC) has gone public on the stock exchange. The company’s shares began trading on the National Stock Exchange of India (NSE). The biggest IPO of the Indian stock market LIC IPO opened for subscription from 4th May onwards. Govt is divesting 3.5% stake and aims to mobilize Rs 21000 Cr. The latest subscription status as of 5 pm is: *) Policyholders quota: 2.9 times *) Employees quota: 2 times *) Retail quota: 87% *) OVERALL SUBSCRIPTION: 97% LIC already garnered Rs 5630 cr from anchor investors on May 2nd at 949 per share. As per Grey market sources, LIC is quoting a premium of Rs 60/share over its issue price
Due to weak secondary market sentiment and low grey market premium, the public issue is sailing slowly. The issue is closing on the 9th of May.