India slashes LIC IPO to 3.5%

The IPO was initially set at 5%.

India is trimming the initial public offering (IPO) of the state-owned Life Insurance Corporation (LIC) to 3.5% from the initial 5%.

LIC has reportedly filed a draft red herring prospectus (DRHP) at the Securities & Exchange Board of India (SEBI), and will likely be filing a red herring prospectus before the end of April.

This means that the IPO, which initially was expected to raise $8b, is now expecting to raise just $2.75b. However, even with the reduced IPO, it is still the biggest fundraising activity in India.

The Press Trust of India reported that ongoing market volatility due to the Russia-Ukraine war may have played a part in lowering the IPO.

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