Term life coverage. India s largest IPO, for insurer LIC, oversubscribed 2.95 times, Reuters

MUMBAI, May 9 (Reuters) - India's largest ever initial public offering (IPO), by Life Insurance Corp (LIC), was oversubscribed 2.95 times as six days of bidding came to an end on Monday, according to a stock exchange filing. Life insurance of india.

The government expects to raise up to $2.7 billion - a third of its original target - from selling a 3.5% stake in the country's top insurer.

Investors bid for 478.4 million shares compared with the total 162.1 million on offer. Bids were oversubscribed nearly twice by retail individual investors (RIIs), who were offered 69.2 million shares at a discount of 45 rupees per share.

The price range for the issue has been set between 902 and 949 rupees per share and LIC is likely to be listed on May 17.

One line quotes on life

In the grey market, LIC shares were trading at a premium of less than 40 rupees, down from nearly 100 rupees earlier. read more

A clutch of foreign investors and several domestic mutual fund houses had bid for its anchor book which had closed on May 2. read more

An India government official on Monday said that listing had a tepid response from foreign institutional investors. "Predominantly this issue has been domestically lifted," said Tuhin Kanta Pandey, secretary of India's Department of Investment and Public Asset Management (DIPAM).

Term life insurance policy

Pandey added that share allotment will take place on May 12.

The 66-year-old company dominates India's insurance sector, with more than 280 million policies. It was the fifth-biggest global insurer in terms of insurance premium collection in 2020, the latest year for which statistics are available.

Overall rating page: 3.2 / 5 left 1299 people.

Posted by at 07:14AM

Tags: term life coverage, term 10 life insurance, best life insurance companies, whole life policy, life cover quotes online, homeowners insurance rates, best auto insurance, one line quotes on life, life insurance policy rates, term life insurance policy


There are no comments for this post "India s largest IPO, for insurer LIC, oversubscribed 2.95 times, Reuters". Be the first to comment...

Add Comment