LIC issue, which ran from May 4 to May 9, was sold in Rs 902 to Rs 949 price band.
The issue was subscribed 2.95 times on the final day of bidding Monday, led by strong demand from retail investors, employees and policyholders of the insurer.
The issue by the insurance behemoth received bids for 478.3 million shares against the 162 million on sale (excluding the anchor book), exchange data showed. The issue received more than 7.3 million applications, breaking the 14-year-old record of Anil Ambani’s Reliance Power share sale that drew 4.8 million applications in 2008.
Friday will see initiation of refunds to bidders did not get share allotment. On Monday, shares will be credited to eligible investors and the stock’s listing is all likely by Tuesday.
LIC was the largest ever IPO in the domestic primary market as the government sold 22.13 crore shares or 3.5 per cent stake in the company, valuing it at Rs 6 lakh crore, about 1.12 times the embedded value of Rs 5.4 lakh crore.