India's largest IPO, for insurer LIC, oversubscribed 2.95 times
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India`s largest ever initial public offering (IPO), by Life Insurance Corp (LIC), was oversubscribed 2.95 times as six days of bidding came to an end on Monday, according to a stock exchange filing. The government expects to raise up to $2.7 billion - a third of its original target - from selling a 3.5% stake in the country`s top insurer. Investors bid for 478.4 million shares compared with the total 162.1 million on offer.