DIPAM Secretary Tuhin Kanta Pandey on Monday said that the much-awaited IPO of Life Insurance Corporation was a tremendous success and the issue was subscribed nearly 3 times at the close today.

“We are pleased to inform you that the IPO offer which started on the 4th of May has closed today at 7 pm and it has met with tremendous success from all categories of investors; this will eventually lead to listing of LIC and deepen the capital market,” Pandey said while addressing a press briefing in the evening today.

The DIPAM secretary further informed that the allotment of LIC IPO will take place on May 12.

“LIC IPO subscribed 2.95 times on the final day which opened on May 4 received bids for 47.83 crore equity shares against 16.20 crore shares on the offer. Many new demat accounts opened due to LIC IPO. Allotment of LIC IPO will take place on May 12,” Pandey said.

LIC’s IPO, the country’s biggest public offer, opened on 4th May. Against 16,20,78,067 shares on offer, 47,83,25,760 bids were received, according to data posted on stock exchanges at 7 pm today.

With regard to non-institutional investors (NIIs), a total of 8,61,93,060 bids were received for 2,96,48,427 shares reserved for the category, reflecting a subscription of 2.91 times.

Retail individual investors bid for 13.77 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.99 times.

The policyholders’ portion was subscribed a little over 6 times, while that for employees was subscribed 4.4 times.