Life Insurance Corporation of India’s (LIC) IPO, the country’s biggest public offer, was subscribed 2.95 times on the last day of offer period on Monday, helping the government mobilise about Rs 21,000 crore. 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.

Bidders in LIC’s IPO would be allocated shares on May 12, and the insurance behemoth would be listed on stock exchanges on May 17, said DIPAM Secretary Tuhin Kanta Pandey.

The Qualified Institutional Buyers’ (QIBs) category was subscribed by 2.83 times. As many as 11.20 crore bids were received for the 3.95 crore shares earmarked for the segment.

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 by a little over 6 times, while that for employees was subscribed by 4.4 times.

LIC had fixed the price band at Rs 902-949 per equity share for the issue. LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC’s IPO is the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.