The share allotment of Life Insurance Corporation of India (LIC) will be done on May 12 and the country's largest insurer will be listed on the stock exchanges on May 17, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said.
The company's initial public offering (IPO), which closed at 7 pm on Monday, has been subscribed 2.95 times.
Policyholders have led the subscription. The portion of shares set aside for policyholders has been subscribed 6.11 times. Employees' portion has been subscribed 4.39 times.
Asked about the expected market response on the listing day considering the recent slump, Pandey said, "Let's hope that everything goes well on the listing day."