, India

India’s LIC IPO subscribed 67% on first day

The $2.7b IPO is India’s biggest public issue.

India’s Life Insurance Corp has subscribed 67% on the first day of bidding in its initial public offering (IPO), a report by Reuters said.

Investors reportedly bid for 108.7 million shares on 4 May, compared with the total 162.1 million shares on offer, with portions reserved for employees and policyholders already oversubscribed.

The demand came despite an interest rate hike by the Reserve Bank of India.

The IPO is expected to raise $2.7b, a third of the original target from selling a 3.5% stake in the India’s top insurance company.

You may also like:

HKFI appoints Winnie Wong as new chair

520,944 properties in Australia to be uninsurable by 2030

EXCLUSIVE: Why embedded insurance is cutting out the middleman

Follow the links for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Top three things killing the insurance industry
Thanks to these threats, 54% of insurers had an ROE below their cost of equity.
Insurance
How Emma transforms AXA Mandiri's digital strategies
Emma is an all-in-one digital platform that meets the customers' needs, from purchasing an insurance policy to booking gym classes.
Insurance