Shares reserved for Qualified Institutional Buyers (QIB), including banks and mutual funds in the LIC's public offer were subscribed fully on Monday morning, taking the overall subscription of the issue to a little over 2 times.
The record Rs 21,000 crore initial public offering (IPO) by Life Insurance Corporation of India (LIC) was oversubscribed by more than 2 times. As of 12:12 pm today, the IPO was booked 2.05 times as investors bid for 33.15 crore shares on the last day of subscription for India's largest public issue, compared with 16.20 crore shares on offer, exchange data showed. LIC set the initial price band at Rs 902 to Rs 949 a share.