India raises $2.7 billion in LIC IPO at premium price


NEW DELHI: India has raised 205.6 billion rupees ($2.7 billion) in its largest initial public offering at the highest price of the indicated range following strong demand from local investors and to a last-minute surge of foreign funds.
Life Insurance Corporation of India will offer Rs 949 per share, the state-owned company said in a prospectus filed on Friday. Exchange trading is due to begin on May 17.
Foreign institutional investors stepped up their sell offers in the final hours before the close of subscriptions this week, avoiding currency risks and global market uncertainties. Dubbed India’s ‘Aramco moment’ in reference to the $29.4 billion listing of Gulf oil giant Saudi Arabian Oil Co. on domestic investors after some foreign buyers deemed it too expensive.
Retail investors received a 45 rupees discount on the bid price, while policyholders received a 60 rupees discount.

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