The issue, which opened on Monday for anchor investors, received an overwhelming response, the official said.
“The maximum number of shares reserved for anchor investors was Rs 5,620 crore and it got full subscription,” he told PTI.
LIC’s IPO is expected to raise Rs 21,000 crore. Under the IPO, the government is selling its 22,13,74,920 shares in the company and the price range has been fixed at Rs 902 to 949 per share.
The issue will open for institutional and retail buyers on May 4 and will close on May 9. The company’s shares will be listed on the stock exchanges on May 17, a week after the close of the IPO.
Under the IPO, 15,81,249 shares are reserved for employees and 2,21,37,492 shares are reserved for policyholders. Over 9.88 crore shares are reserved for Qualified Institutional Buyers (QIBs) and over 2.96 crore shares for non-institutional buyers.
Retail investors and eligible employees will get a discount of Rs 45 per share, while LIC policyholders will be able to get a discount of Rs 60 per share.