Analysts are confident of retail investor and policyholder support to India's largest public offering that will remain open till May 9
The initial public offering (IPO) from the state insurance giant Life Insurance Corporation of India (LIC)—the largest such offering ever in India—opened strong on Day 1, with 62 percent of the issue subscribed by late afternoon on May 4. The policyholders’ portion of the book has been subscribed 1.8 times, employee reserve portion has been fully subscribed and retail investors around 55 percent.
This comes on a day when the BSE Sensex index tumbled 1,306 points or 2.29 percent to 55,669.03, after the Reserve Bank of India surprised investors with an out-of-cycle monetary policy repo rate hike, in a move to curb inflation.