LIC IPO share allotment today: Everything you need to know about the process
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With the help of the LIC IPO, the central government was reportedly looking to raise Rs 21,000 crore and apart from the policyholders, a lot of interest was also noticed from the Qualified Institutional Buyers.
The initial public offering (IPO) of Life Insurance Corporation of India (LIC) dominated headlines for a number of days and it is already the biggest IPO in the history of the Indian capital market.
After the initial IPO, the share allotment will be carried out on May 12. The IPO subscriptions started on May 4 and by the time it ended on May 9, it was reported that the IPO was oversubscribed around 2.95 times – a fact that surprised a number of experts despite high expectations from the offering.
With the help of the LIC IPO, the central government was reportedly looking to raise Rs 21,000 crore and apart from the policyholders, a lot of interest was also noticed from the Qualified Institutional Buyers.
According to BSE data, 11.20 crore bids were received for the 3.95 crore shares.
The IPO was priced between INR 902-949 per equity share ahead of the offering.
According to the timeline presented by the authorities, the money will be returned to unsuccessful bidders on May 13 while the equity shares will be sent to the successful bidders on May 16. The official trading of the LIC stocks in the equity market is expected to start from May 17.
In another major development, the Supreme Court of India made it clear that they will not be interfering with the IPO and share allotment after petitions were filed against the process.
The court said that the changes made to the LIC Act is a question "that needs further reconsideration” but decided to not make any changes in the IPO process.
Here's how the users can check their LIC IPO allotment status -
Login at the direct BSE link - bseindia.com/investors/appli_check.aspx
Select the LIC IPO from the drop box
Enter the LIC IPO application number
Enter the user's PAN details
Click on the 'I'm not a robot' option
Click 'submit'
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