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Indian insurer LIC kicks off record $2.7bn IPO

Offering subscribed 67% on 1st day, fueled by discounted shares for individual investors

Life Insurance Corp. of India held a press conference April 27 in Mumbai for its initial public offering.   © Reuters

BENGALURU -- The initial public offering of state-owned Life Insurance Corp. of India was subscribed 67% on the first day Wednesday, driven by strong interest from individuals -- retail investors, policyholders and employees -- who were offered shares at a discount.

The insurer's shares will be marketed through Monday at a range of 902 to 949 rupees apiece, with the IPO set for May 17 anticipated to raise a record 205.57 billion rupee ($2.7 billion).

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