India’s largest IPO nearly 3 times oversubscribed as LIC attracts foreign investors – The National
- Date: 10-May-2022
- Source: The National
- Sector:Financial Markets
- Country:Gulf
India’s largest IPO nearly 3 times oversubscribed as LIC attracts foreign investors – The National
Foreign institutional investors stepped up their bids for India’s biggest share sale in the last hours before the close of subscription on Monday, shunning currency risks and global market uncertainties.
Overseas investors put in orders for 61 per cent of the shares set aside for institutional buyers in the $2.7 billion initial public offering of Life Insurance Corporation of India, according to data from the exchanges. The portion was oversubscribed nearly three times by the end of the bidding. The issue opened on May 4 and received bids through the weekend.
While the anchor portion of the IPO also drew in sovereign funds from Norway and Singapore, most of the shares still went to domestic mutual funds.
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