Life Insurance Corporation (LIC) has announced the allotment of shares for its recently concluded Rs 21,000 crore initial public offer (IPO). The IPO which was held from May 4 to May 9 was subscribed 2.95 times on the final day. The share sale received bids for over 47.83 crore (47,83,67,010) shares against the total issue size of over 16.20 crore (16,20,78,067) shares.