LIC IPO expected share sales drops to $6.6b
Initial reports predicted that the Indian life giant share sales would be at $8b.
India is mulling selling 7% of shares in the state-owned Life Insurance Corporation for 500 billion rupees ($6.6b), according to a report by Bloomberg.
This is a drop from the initial $8b from the sale of just 5% of its share in its initial public offering.
According to unnamed sources, the Indian government is discussing selling as much as 7% stake in LIC through the listing. It aims to launch the share sales before current approvals for the offering expire on 12 May.
Despite the drop, however, the sale will still surpass digital payments startup Paytm’s $2.41b IPO as the biggest in India.
LIC initially filed a draft prospectus for selling a total of 316.25 million, nearly 5% of the post-offer paid-up share capital, in March.
The IPO was pushed because of several economic factors like the war between Ukraine and Russia.
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