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New Delhi: The initial public offering (IPO) of Life Insurance Corporation of India (LIC) continued to attract bidders on the third day of the bidding process. The issue was fully subscribed on the second day itself.

The largest ever IPO in the Indian primary market, aggregating to Rs 20,557 crore, is open for subscription till May 9. Retail bidders can bid for the issue even on Saturday and Sunday, an unusual move aimed at attracting investors.

According to data from BSE, investors made bids for 22,36,98,915 equity shares or 1.38 times compared to the 16,20,78,067 equity shares offered for the subscription by Friday.

Among the five categories, quotas for retailers, employees and policyholders were fully subscribed. The portion for policyholders was subscribed 4.01 times, followed by 3.06 times subscription in employees’ portion.

The portion for qualified institutional buyers was subscribed 56 per cent, whereas the allocation for non-institutional bidders was subscribed 76 per cent.

The issue is entirely an offer for sale of about 22.13 crore equity shares by the government of India, which owns 100 per cent stake in the insurer, but will offload only 3.5 per cent stake in the company.

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