LIC IPO closes, issue over-subscribed almost 3 times; Allotment of shares on 12th May

New Delhi, May 10: India's biggest-ever initial public offer (IPO) by Life Insurance Corporation (LIC) received a stellar response from all categories of investors.

At the close of subscription yesterday, the issue was oversubscribed nearly 3 times, with policyholder's portion receiving the maximum bids a little over 6 times. The allotment of shares will be done on May 12, while shares will be listed on both BSE and NSE on May 17.

The price band for the IPO was fixed at 902 to 949 rupees per equity share.

The government has diluted 3.5 percent stake in the LIC through the IPO.