India’s LIC IPO subscribed 67% on first day

The $2.7b IPO is India’s biggest public issue.

India’s Life Insurance Corp has subscribed 67% on the first day of bidding in its initial public offering (IPO), a report by Reuters said.

Investors reportedly bid for 108.7 million shares on 4 May, compared with the total 162.1 million shares on offer, with portions reserved for employees and policyholders already oversubscribed.

The demand came despite an interest rate hike by the Reserve Bank of India.

The IPO is expected to raise $2.7b, a third of the original target from selling a 3.5% stake in the India’s top insurance company.

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