LIC’S $2.7 billion IPO fully subscribed

LIC’S public offer, the country’s biggest-ever IPO, was fully subscribed on the second day of bidding on Thursday. Against 162,078,067 shares on offer, as many as 16,68,60,765 bids were received, translating into a subscription of 1.03 times, as per data on stock exchanges as of 7pm. However, the Qualified Institutional Buyer (QIB) and Non-institutional Investor (NII) portions have received a tepid response so far. Non-institutional investors’ segment was subscribed 47%, while QIBS’ portion stood at 40%. Retail individual investors picked up nearly 93% of the 6.9 crore shares set aside for this segment. Of the total, the policyholders’ portion was subscribed a little over three times, while that for employees was subscribed 2.21 times. LIC has fixed the price band at ₹902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The IPO will close on May 9.