LIC IPO a ‘tremendous success’, allotment of shares by May 12: DIPAM Secy
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Expressing hope that 'every thing goes well on listing day', the Centre today said the LIC IPO has received tremendous success across all categories of investors. The Department of Investment and Public Asset Management (DIPAM) also said the allotment of shares to the investors will be done on May 12 and the refunds will be processed soon thereafter.
Addressing a conference on the end of the six-day subscription window today, DIPAM secretary Tuhin Kanta Pandey said, “The LIC IPO offer opened on May 4. It closed today at 7 pm. Tremendous response from all category of investors from policyholders and others like retail and QIB has been seen in the IPO. The LIC IPO is expected to deepen the capital markets. Hope that everything goes well on the listing day. ”
On allotment of the shares to the applicants Pandey said, “Procedure is there will be an allotment. Entire system well described in the prospectus. Plan is to have allocation on May 12. The applicants who get an allotment will get the shares while the refunds processed soon for those who did not get an allotment. The stocks will be there in the demat accounts of those before May 17." Pandey has earlier said that the LIC IPO will be listed on the bourses on May 17, subject to regulatory approvals.
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The issue has been subscribed 2.95 times on the final day in what could be seen as a healthy response from the investors even though participation from the FIIs remained subdued. Bids for 47.83 crore equity shares were received against an IPO size of 16.2 crore equity shares. The policyholder bucket has been subscribed 6.11 times while the employees portion saw a bidding of 4.39 times. Retail investors bid 1.99 times, and non-institutional investors portion was subscribed 2.91 times.
On the timing of the IPO and the impact of the global equity carnage in the wake of the rising interest rates, Pandey said, “Lot of geo political conditions are impacting the market. Won't be able to comment on the market situation.”