LIC IPO: Retail Portion of Issue Fully Subscribed by Day 3; 1.09 Times by 11 am

he long-awaited IPO for the LIC will remain open for subscription till 9 May.

The long-awaited IPO for the Life Insurance Corporation, which opened for subscription for retail institutional investors on 4 May, will close on Monday, 9 May.

(Photo: The Quint)

The retail portion of the initial public offering (IPO) of insurance major Life Insurance Corporation (LIC) of India has been fully subscribed on the third day of the issue, on Friday, 6 May.

The overall IPO was subscribed 1.09 times at 10:51 am on Friday, reported ANI.

The issue offer of the LIC is in the price band of Rs 902 to Rs 949. The government had brought down the issue size from 5 percent to 3.5 percent.

Policyholders are being offered a Rs 60 discount, while for retail investors, the discount is Rs 45.

The IPO values LIC at Rs 6 lakh crore.

The long-awaited IPO for the LIC, which opened for subscription for retail institutional investors on 4 May, will close on Monday, 9 May.

Seen as a landmark public issue in the history of the Indian capital market, it is poised to be India's biggest IPO till date.

IPO Plans Affected by Ukraine War

In February, the government had planned on selling a five percent stake or 31.6 crore shares of LIC and filed draft papers with market regulator Securities and Exchange Board of India (SEBI).

However, the IPO plans were affected due to the ongoing market volatility amid the war between Russia and Ukraine.

(With inputs from ANI.)