LIC IPO subscribed nearly three times

Life Insurance Corporation’s IPO, the country’s biggest public offer, was subscribed 2.95 times on the last day of offer period on Monday, helping the government mobilise about ₹21,000 crore. Against 162,078,067 shares on offer, 478,325,760 bids were received, according to data posted on stock exchanges at 7pm. Bidders will be allocated shares on May 12, and the insurance behemoth will be listed on stock exchanges on May 17, DIPAM secretary Tuhin Kanta Pandey said on Monday. Briefing reporters after closing of the issue, Pandey said the LIC IPO has met with tremendous success across all the segments. “Domestic investors have successfully pulled off the LIC IPO. It is an example of Aatmanirbhar Bharat,” he said, adding that the insurance company is not dependent on foreign investors only. LIC had fixed the price band at ₹902₹949 per equity share for the issue.