LIC IPO subscription to stay open on Saturday for retail investors

Retail investors will be alloted 35% of the total shares in the offer, and given a discount of 45 rupees from the IPO price

Life Insurance Corp. of India’s initial public offering will take subscriptions even on Saturday, an unusual move aimed at attracting investors including retail buyers for the nation’s biggest share sale.
 

The IPO, which kicked off on Wednesday, will remain open until May 9, including on Saturday, a notification on the National Stock Exchange of India Ltd. said. The Indian government is selling 221.4 million LIC shares at between 902 rupees and 949 rupees each, which would raise as much as 210 billion rupees ($2.7 billion) at the top end of the range. 

“This is a bit unusual for a share sale.