India's biggest IPO said to get strong demand from anchor investors
The Hindu
Over 20 investors had expressed interest in subscribing to the anchor book, two other banking sources said
The IPO of India's biggest insurer, Life Insurance Corporation (LIC), has got off to a good start, with the $732 million of shares reserved for so-called anchor investors oversubscribed at the upper end of the price range, a banking source said.
The Indian government has said it expects to raise up to $2.74 billion, just a third of its original target, from selling a 3.5% stake in LIC in the country's biggest initial public offering (IPO).
Anchor investors are high-profile institutional investors that are allotted shares before the subscription opens for retail and other investors, and have to commit to holding their shares for a certain period after listing.
LIC's offering is set to open for other investors on May 4 and will close on May 9. The indicative price range has been set at ₹902 to ₹949 per share, with ₹56 billion ($732 million) of shares set aside for anchor investors.
Norwegian wealth fund Norges Bank Investment Management and Singapore sovereign wealth fund GIC have subscribed to the anchor book, the source said.
Alongside other global funds, domestic mutual fund houses such as HDFC mutual fund, SBI, ICICI and Kotak have also come in as anchor investors, the source added.
Abu Dhabi Investment Authority and Qatar investment authority had previously been in talks to be anchor investors, but it wasn't immediately clear if they made bids.
Rupee hits all-time low at 85.20 against USD due to strong greenback, rising crude oil prices, and weak domestic markets.
Viatris faces U.S. FDA import alert for products from Indore plant, exceptions made for certain shortages.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.