A 210 billion rupee ($2.7 billion) record share sale by state-run Life Insurance Corp. of India is poised to be fully taken up by investors four days before the offering closes as a low valuation and deep retail discounts drive demand.
By Thursday, the second day of the offering, investors had already put in orders for 90% of the shares for sale in India’s biggest IPO. Around 35% of the total issue is reserved for retail investors and 83% of that tranche was sold 3:15 p.m. in Mumbai, stock exchange data showed.
Demand from LIC insurance policyholders was for more two-and-a-half times