LIC IPO sees 27% subscription in two hours, muted non-institutional demand

The non-institutional category, consisting of corporates, individuals, and others has seen muted demand, with only 5 per cent subscription so far

The initial public offering of insurance behemoth Life Insurance Corporation (LIC) opened for subscription on May 4 and by the first two hours, around 27 per cent of the shares up for sale were subscribed, with policyholders and employee’s driving the subscription along with retail investors.

At 12:00 noon, policyholders had subscribed 95 per cent of the shares reserved for them, employees had bid for 46 per cent of the shares reserved for them, and retail investors had subscribed to 30 per cent of the shares reserved for them.

The non-institutional category, consisting of corporates, individuals, and others has seen