The insurer's offering, at ₹ 21,000 crores, is the country's largest even after the issue size was cut.
Despite the sharp selling in the markets and volatility across global markets the issue has been subscribed almost three (2.95) times. Overall proceeds from the IPO make up about a third of the government's ₹ 65,000 crore disinvestment target for the current fiscal.
B Gopkumar, MD & CEO, Axis Securities, said earlier this month, “The LIC IPO received phenomenal participation from retail investors, as anticipated. The marginally higher discount offered to eligible policyholders was one of the reasons for the issue being subscribed 6x in their quota. We have seen this IPO acting as a stimulus in driving retail participation in equity markets."
This story is from the May 17, 2022 edition of Financial Express Mumbai.
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This story is from the May 17, 2022 edition of Financial Express Mumbai.
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