New Delhi: The much-anticipated initial public offering (IPO) of Life Insurance Corporation of India (LIC) has concluded, and the company plans to complete the allotment by Thursday, May 12, according to DIPAM Secretary Tuhin Kant Pandey.
The LIC IPO was open for subscription from May 4 to May 9. The issue was kept open for bidding on weekends as well, which was an unusual way of attracting investors.
The LIC’s Rs 20,557 crore IPO was priced at Rs 902-949 per equity share, with eligible policyholders receiving a discount of Rs 60 per share and retailers and eligible employees receiving a discount of Rs 45 per share.
The issue was entirely a government of India offer for sale, with the government offloading only a 3.5 percent stake.
The issue was subscribed to 2.95 times overall, owing to strong participation from policyholders and employees, who subscribed 6.12 times and 4.4 times, respectively.
Qualified institutional investors bid 2.83 times for their allocations, while non-institutional investors bid 2.91 times. The retail bidder quota was subscribed to 1.99 times.
On a batch of pleas filed by some policyholders, the Supreme Court on Thursday refused to grant any interim relief and stayed the Life Insurance Corporation (LIC) IPO share allotment. A bench of Justices DY Chandrachud, Surya Kant, and PS Narasimha stated that the court should be hesitant to grant any interim relief in commercial investment and IPO matters.
Investors who bid on the issue can check the status of their allotment on the BSE website:
1) Navigate to https://www.bseindia.com/investors/appli check.aspx.
2) Select Equity from the issue type drop-down menu.
3) In the dropbox next to the issue name, select Life Insurance Corporation of India Limited.
4) Fill in the application number.
5) Enter the PAN card ID.
6) Select ‘I am not a Robot’ and press the submit button.
You can also check the allotment status on the online portal of KFin Technologies Private Limited, the issue’s registrar (https://kcas.kfintech.com/ipostatus).
Following the completion of the issue, the registrar is responsible for adhering to the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and responding to all investor-related queries.
1) Navigate to the KFin Technologies Private Limited website.
2) Select the ‘LIC IPO’ tab from the drop-down menu.
3) You may be required to choose one of the three options: PAN ID, Client ID, or Application Number
4) In the application type field, choose between ASBA and non-ASBA.
5) Fill in the details of the mode you chose in Step 2.
6) Fill out the captcha correctly for security reasons.
7) Click the submit button.
Bidders who did not receive an allotment in the IPO may see refunds begin on May 13. Others who would be assigned shares may see their shares credited to their Demat account by May 16. The IPO is expected to go public on May 17.