LIC IPO subscribed nearly 3 times on final day of bidding

Market


Life Insurance Corp’s IPO, India’s biggest initial share sale was subscribed 2.95-times on the final day of bidding on Monday, according to data available with the exchanges.

On Monday, the last day of the offering, investors had put in orders for 2.95 times of the shares for sale in India’s biggest IPO. Around 35% of the total issue is reserved for retail investors and that tranche was sold 1.99 times in Mumbai, stock exchange data showed.

Demand from LIC insurance policyholders was for more 6.12 times the amount of shares earmarked for them, while employees submitted orders for about 4.4 times the number of shares available.

Foreign institutional investors largely stayed away from India’s biggest share sale, deeming it too expensive given currency risks and the global market backdrop.

While the anchor portion of the IPO drew in sovereign funds from Norway and Singapore, most of the shares went to domestic mutual funds.

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