Life Insurance Corporation's mega initial public offering (IPO) will remain open for subscription on Saturday. The subscription window for the IPO — which opened for subscription on Wednesday and closes on May 9 — will remain open on May 7 for all categories of investors, according to an NSE notification.

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This will give the insurance giant's IPO an additional day of the bidding process, as the government plans to offload 3.5 percent of its stake in the company.

Here's how retail investors and policyholders can apply for the LIC IPO:

Retail investors

Individuals can apply for the LIC IPO through a demat account. Those who don't have a demat account will need to produce identity proof and age proof, and need to share their bank account details to set up one.

Applications can be made through demat accounts, net banking or through online merchants.

--Log in to the demat account

--Click on the IPO section

--Select the IPO tab (policyholders can select the investor category at this step to avail the discount)

--Fill in the required details

--Proceed by applying for the IPO

--Complete payment

One needs to shell out a minimum of Rs 13,530-14,235 to apply for the life insurer's share sale, given the issue price of Rs 902-949.

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Policyholders

--Log in to the net banking account

--Select the 'IPO' option underinvestment

--Complete the registration process

--Proceed by selecting 'apply'

--Make the payment

Potential investors can bid for LIC shares in a price band of Rs 902-949 apiece in multiples of 15 under the IPO, which is the largest public offer of all time in the country. Shares will be listed on BSE and NSE on May 17.

First Published:May 4, 2022 2:51 PM IST