Bid To Encourage The Policy Holders To Invest In LIC IPO.
LIC IPO: The Initial public offering of life insurance corporation (LIC) continues to attract retail investors, including employee policyholders, who are among the top bidders for the issue so far falling in spite of grey market an intense sell-off in the global markets, rate hike concerns and pretense worries LIC is holding its charm.
Today may 9 is the last day to subscribe to the Rs 21,000 crore LIC IPO the state owners insurance behemoth has subscribed 1.79 times till May 8 the fifth day of bidding. the offer has received the bids for 29.07 crore equity shares against the IPO size of 16.2 crore equity shares.
Policyholders remained as the force as their reserved portion was subscribed 5.04 times, followed by employees who bid 3.79 times the allotted quota and retail investors 1.59 times. noninstitutional investors have put in birds 1.24 times slab set aside them while the portion reserved for qualified institutional buyers was subscribed 67 times.
However, the current week's market conditions is a taking a roll on the flow of primary investors in such a large IPO.shres of the flow of primary investments a such a large IPO. shares of the company are commanding a prime of rs 36 in the grey market, which has come down from Rs 85 earlier.market observes said that LIC IPO GMP today is rs 36 which is rs 24 lower than yesterday's grey market premium (GMP) of rs 60. the said that after calling up to rs 92 levels, LIC IPO GMP has been continuously decreasing because of the weal stock market sentiments. they said that the secondary market across the world is facing a selling off and the Indian stock market is not immune to it. so the grey market was bound to get affected by the global market segments. As per market viewer, LIC IPO GMP today is rs 36 which means the grey market is expecting LIC IPO listing around rs 985 levels (Rs 949+Rs 902)which is around 3 percent higher than a LIC IPO Price band rs 902 to Rs 949 per quality share. the current weak market condition taking to toll on the flow of primary investments such a large IPO.
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