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LIC’s Record IPO Set to Be Fully Sold as Valuation Drives Demand

  • Issue subscribed four days before the offering closes
  • Portion reserved for institutional buyers still 60% unsold
Updated on

A 210 billion rupee ($2.7 billion) record share sale by state-run Life Insurance Corp. of India was fully taken up four days before the offering closes, as an attractive price and deep discounts spurred demand from small investors.

Policyholders and employees placed more bids for shares in the company’s IPO than the amount reserved for them, while the retail portion was nearly 90% subscribed before close of bidding for the nation’s biggest IPO on Thursday.