LIC IPO Raising Record Rs 20,500 Crore; LIC Shares Will Be Now Offered At Rs 949, Trading Starts From May 17

In a prospectus filed Friday, the state-run agency stated that the Life Insurance coverage Company of India will provide one share at 949 rupees.

$2.7 billion Raised

Following the sturdy demand from native traders and a last-minute sprint by overseas funds, India raised 205.6 billion rupees ($2.7 billion) as its greatest preliminary public providing priced on the prime of the indicated vary.

Buying and selling on the inventory trade is because of start Might 17.

Shunning the forex dangers as well as global market uncertainties, within the final hours earlier than the shut of subscription this week, the overseas institutional traders stepped up their bids for the sale.

LIC : India’s Aramco

Dubbed India’s “Aramco second” in reference to Gulf oil big Saudi Arabian Oil Co.’s $29.4 billion itemizing in 2019 — the world’s largest — the float of LIC has ended up resembling the Aramco IPO not simply in scale however in its reliance on home traders after some overseas consumers deemed it too costly.  

Retail traders got a reduction of 45 rupees on the provide value, whereas policyholders acquired a 60-rupee low cost.