The Life Insurance Corporation's (LIC) mega public issue opened today to an overwhelming response, with over 60 per cent bids, led by policyholders and employees.
The initial public offering (IPO) of Life Insurance Corporation of India opened for subscription today. The public issue will close on May 9. The insurance behemoth stated that it has garnered around Rs 5,627 crore from anchor investors ahead of the IPO.
The government is selling 22,13,74,920 shares in LIC and fixed the price band at Rs 902 to Rs 949 per share. Through the LIC IPO, the government is aiming to raise Rs 21,000 crore.