LIC IPO subscribed 166% on day 4 as policyholders bid nearly 5 times the reserved portion

The Rs21,000 crore initial public offer of state-run insurance major Life Insurance Corporation of India (LIC) was subscribed 1.66 times on Saturday, the fourth day of opening of the issue as policyholders bid nearly 5 times the reserved portion.

Employees and policyholders showed massive interest in LIC’s public issue, which aims to raise up to Rs21,000 crore. The LIC IPO was fully subscribed on Thursday — the second day of bidding — and oversubscribed by 63 per cent on Friday.
Investors across categories bid more than 268.3 million shares against the issue size of 162 million shares by 4:45 pm, according to exchange data.
LIC’s policyholders subscribed 4.67 times more than the portion of 22 million shares reserved for them. Employees also subscribed 3.54 times the number of shares set aside for them.
Retail investors bid 1.46 times the 69 million shares reserved for them.
While employees and retail investors get a discount of Rs45 per share, LIC policyholders are eligible to get a discount of Rs60 per equity share.
However, this is applicable to only eligible policyholders, who linked their PAN to their LIC policy by 28 February.
LIC has already raised Rs5,627 crore by allocating 59 million shares to anchor investors, ahead of the mega IPO launch on Wednesday.
LIC shares are available for bidding at a price band of Rs902-949 apiece in multiples of 15 under the IPO. Bidding remained open across investor categories on Saturday, 7 May. 
The LIC stock is likely to be listed on the BSE and the NSE on 7 May.