LIC IPO: Insurance giant opens India’s largest share sale
Nearly as old as the country, LIC is an insurance behemoth that has played a historic role in India. …
The company’s policyholders, employees as well as small mom and pop investors will be entitled to an additional discount of up to 60 rupees, according to papers filed by the company with India’s securities watchdog.Broking firm Zerodha expects at least 8-12 million additional online trading accounts to be opened by investors keen to apply for the IPO, a 10-15% bump up from the 80 million accounts currently in operation.On Wednesday, policyholders had subscribed 1.66 times the portion reserved for them while employees had subscribed 86% of their allotted portion.The portion for retail individual investors had been subscribed at 51% while the non-institutional investors’ category had been subscribed at 12%. Qualified institutional buyers had bought 3% of the quota allotted to them.Reports said the IPO would remain open on Saturday for all category of investors.
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