Life Insurance Company of India (LIC)‘s record Rs 21,000 crore initial public offering (IPO) is oversubscribed. Exchange data showed that as of 12.06 pm today, 18.16 crore shares were bid as investors bid 18.16 crore shares at the end of the third day of bidding for India’s largest public offering, while 16.2 crores were booked for the IPO shares, while the IPO’s scheduled price was 1.12 times. LIC set the initial price range at Rs 902 to 949 per share.

Here’s a 10-point big story cheat sheet:
• The insured part subscribed 3.40 times, employees subscribed 2.52 times, retail investors subscribed 1.03 times, non-institutional investors subscribed 0.51 times, and qualified institutional investors subscribed 0.40 times.
• The LIC subscription will close on May 9 with a discount of Rs 45 per share for employees and retail investors. LIC policyholders will receive a discount of Rs 60 per share.
• The state-owned insurer’s mega IPO will also remain open for subscription on Saturday and Sunday.
• For an IPO, a valuation of Rs 21,000 crore would be the highest ever in the Indian market. Before that, the highest amount raised by Paytm’s IPO last year was Rs 18,300 crore, compared with Rs 15,200 crore raised by Coal India in 2010.
• The country’s largest insurer has reduced the size of its IPO to 3.5% from a previously decided 5% due to current market conditions.
• For several months, LIC has informed the IPO through various channels, including print and TV commercials. It also contacts its policyholders via text messages and other media to tell them about the stock sale.
• Moody’s Investors Service said LIC’s IPO positively impacted India’s life insurance industry.
• Demand for IPOs continues amid rate hikes by the Reserve Bank of India and the US Federal Reserve.
• Ahead of the IPO, the insurer had raised around Rs 5,627 crore from lead investors.
• LIC was established on September 1, 1956, by the merger and nationalisation of 245 private life insurance companies with an initial capital of Rs 5 crore.