Bidders in LIC IPO will be allocated shares on May 12, and the insurance behemoth will be listed on stock exchanges on May 17, DIPAM Secretary Tuhin Kanta Pandey said on Monday.
Briefing reporters after the closing of the issue, Pandey said the LIC IPO has met with tremendous success across all the segments.
"Domestic investors have successfully pulled off the LIC IPO. It is an example of Aatmanirbhar Bharat," he said, adding we are not dependent on foreign investors only.
It will help deepen the capital markets, the secretary added.
The government sold a 3.5 per cent stake in the insurance giant through the initial public offering (IPO).
"The allocation to investors in IPO would be made on May 12," Pandey added.
Life Insurance Corporation's IPO, the country's biggest public offer, was subscribed 2.95 times on the last day of the offer period on Monday, helping the government mobilize about Rs 21,000 crore.
Against 16,20,78,067 shares on offer, 47,83,25,760 bids were received, according to data posted on stock exchanges at 7 pm.
The Qualified Institutional Buyers (QIBs) category was subscribed 2.83 times. As many as 11.20 crore bids were received for the 3.95 crore shares earmarked for the segment.
With regard to non-institutional investors (NIIs), a total of 8,61,93,060 bids were received for 2,96,48,427 shares reserved for the category, reflecting a subscription of 2.91 times.
Retail individual investors bid for 13.77 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.99 times.
The policyholders' portion was subscribed a little over 6 times, while that for employees was subscribed 4.4 times.
LIC had fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.
The government has diluted a 3.5 per cent stake in the insurance behemoth through the Offer for Sale (OFS).