Mumbai (Maharashtra) [India], May 9 (ANI): The initial public offering (IPO) of Life Insurance Corporation of India (LIC) has been subscribed 2.92 times till late afternoon on Monday, the last day of the bidding.

Against the 16.2 crore equity shares offered for sale, bids have been received for over 47 crore equity shares.

Also Read | Pandemic Pushes Spanish Workers out of the Shadows – Latest Tweet by Reuters.

Policyholders have led the subscription. The portion reserved for policyholders has been subscribed nearly six times. Employees' portion has been subscribed 4.3 times.

The share reserved for retail investors has received nearly double the bids.

Also Read | Lionel Messi Scripts Unwanted Ligue 1 Record As PSG Concede Twice To Play Out 2-2 Draw Against Troyes.

Policyholders and employees are offered discounts in the country's largest IPO. Policyholders are offered a discount of Rs 60 per equity share, while retail investors and employees are offered a discount of Rs 45 on each share.

The country's largest insurer LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share.

The portion reserved for qualified institutional buyers has been subscribed 2.83 times. Non-institutional investors' portion has been subscribed 2.88 times. The majority of the subscription bids are from domestic institutions. There has been a poor response from foreign institutional investors (FIIs).

The country's largest IPO opened for public subscription on May 4. It is scheduled to close on Monday at 7 pm. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)