The IPO of Life Insurance Corporation (LIC), India’s largest insurance company, has got off to a good start, with 59.3 million shares being set up for emerging investors registered at 949 rupees each, according to data on Tuesday.The Indian government has said it expects to raise up to $ 2.74 billion, one-third of what it originally intended, to sell 3.5% to LIC on the country’s first major donation (IPO). Anchor investors are state-of-the-art institutional investors who are given shares before registration opens with the seller and other investors, and should commit to holding their shares for some time after being listed.
The LIC offer is expected to open to other investors on May 4 and will close on May 9. The reference price range is 902 to 949 rupees per share, with 56 billion rupees ($ 732 million) set aside. aside from stable investors. Norway Norse Bank Investment Management and the Government of Singapore are among the signatories to the anchor letter, installation is indicated.
Along with other global funds, domestic mutual fund houses such as HDFC mutual fund, SBI, ICICI and Kotak also entered as strong investors. More than 20 investors have expressed interest in enrolling in an anchor book, according to two banking sources.Original investors. they had some concerns about the LIC IPO, but international pension funds have shown “good interest,” the LIC chairman said last week.
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