Nearly a million LIC IPO applications could be rejected due to glitches

Close to a million applications made by retail investors in the Rs 20,500-crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) may get rejected due to technical glitches, said people in the know.

“LIC’s IPO has seen retail applications of about 7.34 million. Out of these only 6 million to 6.5 million could be considered valid,” said a person with the knowledge of the development.

The actual number of valid applications will be formally announced by LIC ahead of its listing.

To be sure, rejections due to technical glitches is common for IPOs. Last year, Zomato’s IPO had