The Life Insurance Corporation of India (LIC initial’s) public offering (IPO) has subscribed 2.92 times as of Monday afternoon, the penultimate day of bidding.

Bids for approximately 47 crore equity shares have been received against the 16.2 crore equity shares offered for sale. The subscription has been guided by policyholders. The amount intended for policyholders has been roughly six times oversubscribed. The segment for employees has been subscribed 4.3 times.

The share set aside for retail investors has nearly doubled in value.

Discounts are being offered to policyholders and staff in the country’s largest initial public offering. Policyholders would receive a Rs 60 reduction per equity share, while retail investors and employees will receive a Rs 45 discount.

The country’s largest insurer, LIC, has set a price range of Rs 902 to Rs 949 per equity share for its Initial Public Offering (IPO).

However, 2.83 times the amount set aside for qualified institutional buyers has been purchased. The portion reserved for non-institutional investors has been subscribed 2.88 times. Domestic institutions account for the majority of subscription bids. Foreign institutional investors have been slow to respond (FIIs).

On May 4, the country’s largest initial public offering (IPO) became available for public subscription. It is set to close at 7 p.m. on Monday.