LIC IPO: SBI, PNB open branches on Sunday for processing offer applications

RBI had directed all ASBA designated branches to remain open for LIC IPO on Sunday, May 8.

New Delhi: State Bank of India (SBI) and Punjab National Bank have opened their branches on Sunday (May 8) to process applications for Life Insurance Corporation (LIC) of India’s mega initial public offer (IPO).

"With the LIC IPO being the biggest offering, we are committed to executing smooth application processes. Hence, PNB will keep all its branches open on Sunday, 8th of May 2022. Applicants will be assisted with proper advisory on the offerings and all IPO-related queries,” Punjab National Bank said in an official statement.

LIC IPO opened for subscriptions on May 4. The offer, which is India’s biggest IPO, will remain open for bidding till May 9. Interested investors can use their Demat accounts to bid for IPO shares. 

Investors can also visit nearby bank branches of PNB and SBI to bid for the offer. The former said in its official statement that applicants can visit any of its 10,088 branches across the country to apply for the offer. It added that all its branches are enabled for Application Supported by Blocked Amount (ASBA) applications. 

The Reserve Bank of India had earlier directed all ASBA designated branches to remain open for LIC IPO on May 8. SBI said in a tweet, "Here's a good news for all our customers applying for LIC IPO!" Also Read: PNB Housing Finance increases retail lending reference rate on housing

"We are happy to inform that, for the convenience of our customers applying for LIC IPO, all our branches will be open on 8th May 2022 (Sunday) to accept applications," the bank had said. Also Read: Xiaomi accuses Enforcement Directorate of 'physical violence' threats during probe: Report