New Delhi: Life Insurance Corporation of India is likely to finalise the IPO share allotment on May 12, which is keenly awaited by investors who have participated in the country’s biggest ever public issue.
The company will credit refunds in the bank accounts of unsuccessful investors by May 13 and equity shares will be credited to the demat accounts of eligible investors by May 16.
Finally LIC will make its grand debut on the BSE and NSE on May 17.
Currently LIC shares are being traded at a discount in the grey market (unlisted market), may be impacted by the nervousness lingering in the equity market. The benchmark indices as well as broader markets corrected in double digits in more than one month as investors could be looking more worried about earnings and economic growth amid rising inflation concerns.
Before the opening of public issue, it was trading at a premium of Rs 95 in the grey market premium, indicating about 10 percent upside, as per IPO Watch.
The country’s largest life insurance company has mopped up Rs 21,000 crore through its public issue that was subscribed 2.95 times during May 4-May 9, supported by all investors.
Policyholders, who will receive shares at a discount of Rs 60 per share to the final offer price of Rs 949, were at the fore as they have bought shares 6.12 times the allotted quota.
The discount for retail investors and employees is Rs 45 per share to the final IPO price. Their reserved portion were subscribed 1.99 times and 4.4 times respectively.
The portion set aside for qualified institutional investors was booked 2.83 times and non-institutional investors have put in bids 2.91 times the allotted quota.
Investors can check their share allotment status either on the BSE website or the website of IPO registrar by following three easy steps.
In case of BSE website,
a) Select issue type ‘Equity’ and issue name ‘Life Insurance Corporation of India Ltd’
b) Enter either ‘Application number’ or ‘PAN Number’
c) Check box (I’m not a robot) and finally click on ‘search’ button.
In case of IPO registrar’s website,
a) Select IPO ‘Life Insurance Corporation of India Limited’
b) Select and accordingly enter either ‘Application Number’, or ‘DPID/Client ID, or ‘PAN’
c) Enter captcha and finally click on ‘submit’ button.