, India

LIC closes IPO with nearly three-fold oversubscription

The IPO of a 3.5% stake is now India’s biggest.

The initial public offering (IPO) of India’s biggest insurer, the Life Insurance Corp (LIC) has oversubscribed 2.95 times.
According to data posted on the National Stock Exchange of India (NSE), against 162,078,067 shares on offer, 478,325,760 bids were received.

The Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that bidders in the LIC IPO will be allocated shares on 12 May, with the insurance giant listed on the stock exchange on 17 May. Shares are marketed at a range of 902-949 rupees apiece

The IPO is expected to raise $2.7b.

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