Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Monday said the LIC's IPO offer "has met with tremendous success". The LIC IPO, which started on May 4, has been closed today after being oversubscribed 2.95 times. While the policyholder position has been subscribed 6.11 times, the employees portion has been subscribed 4.39 times.