The anchor investor portion of Life Insurance Corporation of India's (LIC) initial public offering (IPO) was oversubscribed on Monday, the first day of subscription.
The IPO of the state-owned LIC opened for anchor investors on Monday and it will run for the public from May 4 to May 9.
Out of the proposed Rs 21,000 crore IPO, LIC targets to raise Rs 5,630 crore through anchor investors.
The company has reserved 59.3 million shares for the anchor investors. According to sources, on the first day itself, the bids from the anchor investors or large investors are twice the size of the anchor book.
LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share.
Policyholders will get a discount of Rs 60 per equity share, while retail investors and employees will get a discount of Rs 45 on each share. The IPO is a pure offer for sale.
Out of the 22.13 crore shares offered for sale, around 5.93 crore shares have been reserved for anchor investor portion. Employee reservation portion is at 1.58 million while policyholder reservation at 22.14 million.
(With inputs from ANI)