Govt raises $2.7 billion as LIC prices IPO at Rs 949; listing next week
- Date: 13-May-2022
- Source: Money Control
- Sector:Financial Markets
- Country:Gulf
Govt raises $2.7 billion as LIC prices IPO at Rs 949; listing next week
Life Insurance Corporation of India shares have been priced at 949 rupees each, the state-run firm said in a prospectus filed Friday. LIC shares were offered at 902 rupees to 949 rupees apiece. Trading on the stock exchange is due to begin May 17.
May 13, 2022 / 01:02 PM IST
Pedestrians pass a Life Insurance Corp. of India branch office in Mumbai, India, on Thursday, Jan. 20, 2022. LIC, India's largest insurer, plans to file the draft IPO prospectus in the final week of January, which will provide the embedded value as well as the number of shares for sale, according to people with knowledge of the matter. Photographer: Dhiraj Singh/Bloomberg
India raised 205.6 billion rupees ($2.7 billion) as its biggest ever initial public offering priced at the top of the range following strong demand from local investors and a last-minute dash by foreign funds.
Life Insurance Corporation of India shares have been priced at 949 rupees each, the state-run firm said in a prospectus filed Friday. LIC shares were offered at 902 rupees to 949 rupees apiece. Trading on the stock exchange is due to begin May 17.
Dubbed India’s “Aramco moment” in reference to Gulf oil
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