Bidding on more than 5 crore out of 16.2 crore shares within 3 hours, policy holders quota oversubscribed

LIC IPO got a bumper opening as soon as it opened on Wednesday. The country's biggest IPO ever opened for subscription at 10 am and it got 36% subscribed in just two hours. The portion reserved for policyholders (10% of the total balance) has become oversubscribed. This means that 1.20 times bidding has been done under this quota.

16 crores 20 lakh 78 thousand 67 shares have been put up for sale. To date, bids have been received for more than 5 crore shares. 64% of the reserved share for employees and 39% of retail investors have been subscribed. Investors will get a chance to invest till May 9.

The company's shares will be listed on the stock exchanges on May 17, a week after the close of the IPO. The central government is expected to get Rs 21,000 crore from LIC's IPO. Under the IPO, the government is selling its 22.13 crore shares in the company. The price range for this has been fixed at Rs 902 to Rs 949 per share. Meanwhile, there is news that RBI Governor Shaktikanta Das will make a statement at 2 pm. He can talk about the challenges on the way to the recovery of the Indian economy. However, it is not yet decided what topics he will speak about.