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Over 59 mln shares reserved for anchor investors in LIC IPO

A person cleans a hoarding of Life Insurance coverage Company of India (LIC) earlier than the beginning of a information convention in regards to the LIC preliminary public providing (IPO) launch, in Kolkata, India, April 29, 2022. REUTERS/Rupak De Chowdhuri/File Picture

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MUMBAI, Could 3 (Reuters) – The IPO of Life Insurance coverage Company (LIC), India’s greatest insurer, has acquired off to a powerful begin, with 59.3 million shares that had been put aside for anchor traders being subscribed at 949 rupees apiece, in line with an trade submitting on Tuesday.

The Indian authorities has stated it expects to lift as much as $2.74 billion, only a third of its unique goal, from promoting a 3.5% stake in LIC within the nation’s greatest preliminary public providing (IPO). learn extra

Anchor traders are high-profile institutional traders which are allotted shares earlier than the subscription opens for retail and different traders, and should decide to holding their shares for a sure interval after itemizing.

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LIC’s providing is ready to open for different traders on Could 4 and can shut on Could 9. The indicative value vary has been set at 902 to 949 rupees per share, with 56 billion rupees ($732 million) of shares put aside for anchor traders.

Norwegian wealth fund Norges Financial institution Funding Administration and the Authorities of Singapore are among the many subscribers to the anchor ebook, the submitting confirmed.

Alongside different international funds, home mutual fund homes comparable to HDFC mutual fund, SBI, ICICI and Kotak have additionally are available as anchor traders.

Over 20 traders had expressed curiosity in subscribing to the anchor ebook, in line with two banking sources.

International institutional traders had some considerations about LIC’s IPO, however international pension funds had proven “good curiosity,” LIC’s chairman stated final week. learn extra

($1 = 76.5150 Indian rupees)

($1 = 76.4640 Indian rupees)

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Reporting by Nupur Anand and Maria Ponnezhath; Enhancing by Sanjeev Miglani, Mark Potter and Anil D’Silva

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