LIC issue price fixed at Rs 949 a share; policyholders get discount

The LIC IPO -- India's largest to date -- closed with nearly three times subscription.

The government has fixed the issue price of LIC shares at Rs 949 apiece, the upper end of the IPO price band, ahead of the listing of the country's largest insurer on May 17.

However, LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 a piece, respectively. The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.13 crore shares or 3.5 per cent stake in LIC through the IPO at a price band