Life Insurance Corporation of India's (LIC) initial public offering (IPO) — India's largest-ever public offer — was subscribed 1.4 times on Friday, the third day of the bidding process.

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By 6:15 pm, the state-run insurance behemoth's IPO, to raise up to Rs 21,000 crore, received bids for 22.4 crore shares as against the total size of 16.2 crore shares, according to exchange data.

The IPO, the subscription window for which will end on May 9, saw a strong response from retail investors, employees and policyholders.

LIC policyholders can avail a discount of Rs 60 and employees a discount of Rs 45 under the IPO.(How to avail the discount)

Prior to the launch of the initial share sale, LIC raised Rs 5,627 crore by allocating 5.9 crore shares to anchor investors.

LIC shares are available for bidding in a price band of Rs 902-949 apiece in multiples of 15 under the IPO, which ends for subscription on May 9. Bidding will also remain open across investor categories on Saturday, May 7.

The LIC stock is likely to be listed on exchanges BSE and NSE on May 17.

ALSO READ: Where LIC stands among peers

The LIC IPO was fully subscribed on Thursday — the second day of bidding — and 63 percent on the previous day.

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(Edited by : Sandeep Singh)

First Published:May 6, 2022 1:11 PM IST