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LIC's record IPO set to be fully subscribed as valuation drives 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.

LIC, Life Insurance Corporation
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Nupur Acharya and Filipe Pacheco | Bloomberg
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

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