LIC IPO Day 1: Issue subscribed 66%; policyholders' portion oversubscribed

LIC's public offer, the country's biggest-ever IPO, saw the policyholders' portion being oversubscribed on the first day itself on Wednesday, though overall subscription stood at just 66 per cent.
 

The government aims to generate about Rs 21,000 crore by selling 3.5 per cent stake in the insurance behemoth.

The LIC initial public offering (IPO), open for retail and institutional investors, is set to close on May 9. The issue period also includes bidding on Saturday, May 7.
 

The portion reserved for policyholders was subscribed 1.9 times, while that for employees was fully subscribed during the first day itself, as per data