LIC IPO subscribed 2.95 times, generates bids worth Rs 43,933 crore

Receives record 7.33 million applications from retail investors

Insurance behemoth Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO), the biggest ever in the country, saw 2.95 times more demand than the shares on offer on the final day of bidding on Monday, generating bids worth Rs 43,933 crore.

The subscription was primarily driven by domestic investors, mainly retail. The IPO saw 7.33 million applications from retail investors, the highest ever for a domestic issue, topping Reliance Power’s 2008 record of 4.8 million. The issue, however, got a lukewarm response from foreign portfolio investors (FPIs) amid global risk-off sentiment due to rising bond yields.

The policyholders’ portion saw the