What was the final subscription for the LIC IPO and did FPIs participate?

The LIC IPO was subscribed by about 2.95 times at the close of Monday the 09th of May. That was effectively the sixth day of subscription (including Saturday and Sunday). The IPO generated bids worth Rs.43,934 crore, excluding the anchor portion, which had already been excluded from the QIB portion. There was a lot of enthusiasm seen among retail investors, employees and policyholders where the brand loyalty and the brand association of trust has been the maximum.

Among institutions, it was the domestic players and especially the mutual funds that hogged a chunk of the IPO. That was also true of the anchor portion where domestic mutual funds got nearly 72% of the anchor allocation. LIC IPO saw a record 73.3 lakh applications, but slightly lower than the 1 crore applications that the government had targeted. Overall, it is a good start, although tepid FPI response will be an overhang for future tranches.