LIC IPO: ASBA-designated bank branches to remain open on May 8; details here
LIC IPO news: The government has requested all bank branches designated to process Application Supported by Blocked Amount (ASBA) applications to remain open for public on May 8 (Sunday), according to the latest notification by the Reserve Bank of India.
- May 5, 2022,
- Updated May 5, 2022 9:26 AM IST
In a bid to facilitate bidding for the public issue of the life insurer Life Insurance Corporation of India (LIC), the government has requested all bank branches designated to process Application Supported by Blocked Amount (ASBA) applications to remain open for public on May 8 (Sunday), according to the latest notification by the Reserve Bank of India.
The RBI notification read, “The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday). The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose.”
LIC IPO subscription on Day 1
Policyholders’ quota of the LIC IPO has been oversubscribed at 1.90 times whereas its retail portion received bids 1.11 times on the first day. The total issue has been subscribed 0.65 times with employees’ quota standing at 0.57 times.
About LIC IPO
Pegged at Rs 902-949 per share, the government will divest 3.5 per cent stake in LIC to garner Rs 21,000 crore through this issue. The issue will last till May 9 and is an offer for sale (OFS) by the government and will not comprise fresh issue of equity shares.
Employees and retail investors will get a discount of Rs 45 per share whereas policyholders will get a discount of Rs 60 per equity share.
Lot size of the IPO is 15 shares bidding for which one will have to spend Rs 14,235. A retail individual can apply for up to 14 lots or 210 shares by spending Rs 1, 99,290. LIC has fixed an investment limit of Rs 2 lakh each for policyholders, employees and retail investors’ quotas.
KFin Technologies Limited has been appointed as the official registrar of the public issue. The allotment of shares will be done on May 12 and the stock is likely to be listed on the exchanges on May 17.
Also read: LIC IPO: Policyholders and retail portion oversubscribed on Day 1
Also read: Do jumbo IPOs create wealth? Here is what historical numbers have to say
Also read: LIC IPO: Financing curbs could make HNI response a litmus test
In a bid to facilitate bidding for the public issue of the life insurer Life Insurance Corporation of India (LIC), the government has requested all bank branches designated to process Application Supported by Blocked Amount (ASBA) applications to remain open for public on May 8 (Sunday), according to the latest notification by the Reserve Bank of India.
The RBI notification read, “The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday). The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose.”
LIC IPO subscription on Day 1
Policyholders’ quota of the LIC IPO has been oversubscribed at 1.90 times whereas its retail portion received bids 1.11 times on the first day. The total issue has been subscribed 0.65 times with employees’ quota standing at 0.57 times.
About LIC IPO
Pegged at Rs 902-949 per share, the government will divest 3.5 per cent stake in LIC to garner Rs 21,000 crore through this issue. The issue will last till May 9 and is an offer for sale (OFS) by the government and will not comprise fresh issue of equity shares.
Employees and retail investors will get a discount of Rs 45 per share whereas policyholders will get a discount of Rs 60 per equity share.
Lot size of the IPO is 15 shares bidding for which one will have to spend Rs 14,235. A retail individual can apply for up to 14 lots or 210 shares by spending Rs 1, 99,290. LIC has fixed an investment limit of Rs 2 lakh each for policyholders, employees and retail investors’ quotas.
KFin Technologies Limited has been appointed as the official registrar of the public issue. The allotment of shares will be done on May 12 and the stock is likely to be listed on the exchanges on May 17.
Also read: LIC IPO: Policyholders and retail portion oversubscribed on Day 1
Also read: Do jumbo IPOs create wealth? Here is what historical numbers have to say
Also read: LIC IPO: Financing curbs could make HNI response a litmus test