Life Insurance Corporation's initial public offering (IPO) — the biggest share sale the country has ever seen — was subscribed 2.95 times on Monday, the final day of the bidding process.

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The state-run insurance behemoth's IPO, aimed to raise up to Rs 21,000 crore, received bids for 47.4 crore shares as against the total size of 16.2 crore shares, according to exchange data.

The mega IPO saw oversubscription across all investor categories.

Potential investors can bid for LIC shares in the price range of Rs 902-949 apiece in multiples of 15 under the IPO.

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Eligible LIC policyholders and employees can avail a discount for bidding under the initial share sale. For policyholders, a discount of Rs 60 is applicable and for employees, it is Rs 45.

LIC shares will be listed on bourses BSE and NSE on May 17.

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

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The LIC IPO was subscribed 63 percent on the first day of the bidding process, and reached full total subscription the next day.

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(Edited by : Sandeep Singh)

First Published:May 9, 2022 2:24 PM IST