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Indian insurer LIC's IPO closes, oversubscribed nearly threefold

But analysts say prospective listees will have to pare back valuations

Life Insurance Corp. of India's IPO has proved popular with retail investors.    © Reuters

BENGALURU -- The initial public offering of state-owned insurer Life Insurance Corp. of India was oversubscribed 2.95 times on the back of frenzied bidding by small investors despite a slump in public markets triggered by interest rate hikes in the country and the U.S. last week.

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