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Indian state insurer LIC's record $2.7bn IPO is oversubscribed

Demand defies stock market left flat by surprise rate hike

NEW DELHI (Reuters) -- The record $2.7 billion initial public offering by Life Insurance Corp. of India was oversubscribed on Thursday, helped by attractive pricing, making way for gains over the listing price later this month.

Investors bid for 166.9 million shares by the end of bidding on the second day of subscription for India's largest public issue, compared with 162.1 million shares on offer, exchange data showed.

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