The RBI has directed all banks to keep their window open for LIC IPO applications even on Sunday giving way for the largest IPO available for subscription on weekends as well. On Thursday, LIC IPO was close to being fully subscribed right after the second day of its launch.
Data on NSE showed that LIC IPO received bids of 15, 78, 86,370 equity shares against the offered size of 16, 20, 78,067 equity shares – subscribing by 97% against the total.
The IPO of the country’s largest life insurance company LIC has subscribed 1.02 times, receiving bids for Rs 16.48 crore equity shares against the offered size of Rs 16.2 crore equity shares.
On Wednesday, RBI in a statement said, “the Government of India, to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday).”
“The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose,” RBI added.
Previously, the LIC IPO bidding was allowed for only Saturday i.e. May 7 and it was supposed to resume on May 9 which is also the last date of the issue. However, now investors can bid for the IPO without any gap.
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