Check LIC IPO share allotment status, GMP, listing date and other details.
Life Insurance Corporation of India’s (LIC) six-day initial public offering (IPO) closed on May 9. The company saw more than 2.95 times subscription over the 16.20 crore shares that were on offer during the subscription period from May 4-9, 2022. The price band of each share was fixed at Rs. 902-949 per share for the IPO. The company’s share allotted for qualified institutional buyers (QIBs) was subscribed 2.83 times, while those of non institutional investors was subscribed 2.91 times and that of retail individual investors (RIIs) was subscribed 1.99 times. The share reserved for policyholders was subscribed 6.12 times while the employees segment was subscribed 4.40 times. The LIC IPO was entirely an offer-for-sale (OFS) where the central government is selling 22.13 crore (22,13,74,920) shares to dilute 3.5 percent of its stake in the life insurer.
According to market observers, LIC IPO GMP (grey market premium) was dropped to minus Rs. 26 on May 12 ahead of LIC IPO allotment. LIC IPO GMP has remained in the negative zone for the second successive day as it was Rs. 18 lower from its Wednesday’s day’s grey market premium of minus Rs. 8.
The company’s shares are expected to be listed on National Stock Exchange (NSE) and Bombay stock exchange (BSE) on May 17, 2022.
The LIC IPO share allotment status was released on Thursday on BSE as well as on the website of the registrar of the IPO, which in this case is KFin Technologies. Bidders can check the share allotment status either on the registrar’s website or on BSE website.
What does this GMP mean?
As per the market observers LIC IPO GMP on may 12 was minus Rs. 26 and hence LIC IPO listing is expected to take place around Rs. 923 ( Rs. 949 – Rs. 26), which is around 3 per cent lower from its price band of Rs. 902 to Rs. 949 per equity share. This means LIC shares may have a discounted listing if the secondary market sentiment continues to remain negative.
However, GMP is an unofficial data, which is non-regulated as well, so, it can’t give concrete fundamental picture of the company.