LIC IPO to remain open for subscription on Saturday

Life Insurance Corp India's initial public offering will remain open for subscription even on Saturday, a National Stock Exchange notification said.

The IPO, which kicked off today and will close on 9 May, will see the government sell around 221.4 million shares of LIC to raise around Rs 21,000 crore.

The IPO anchor book of 59.2 million shares closed on May 2 with 42.1 million units kept for domestic mutual funds. Around 99 mutual funds invested Rs 4,001 crore, buying shares at the upper end of the IPO price band of Rs 902-949 apiece.

Foreign portfolio investors (FPIs), pension funds, corporates and other insurers also participated in the anchor investment.

LIC has reserved 10 percent of the issue for policyholders and five percent for employees. The IPO will have Rs 60 per share discount for policyholders. The firm has reserved up to 35 percent of the IPO for retail investors.

LIC will become the country's fifth most-valued listed firm with a market cap of over Rs 6 trillion, according to Moneycontrol. Globally, it will rank 186th in terms of market cap.