- India's largest IPO has started taking orders from individuals and other categories after attracting anchor investors, Bloomberg reports.
- Retail investors can place their orders for shares of India's state-controlled Life Insurance Corporation until May 9.
- Also Read: India's Largest IPO Raises $736M Ahead of Listing, Attracts Foreign Investment
- Retail investors will be allocated 35% of the stock on sale and will enjoy an ₹45 discount on the IPO price.
- LIC's policyholders will have 10% earmarked with ₹60 off on each share of the whole issue.
- The $2.7 billion deal, slashed by more than half in size amid the war in Ukraine and rising interest rates worldwide, is critical for the Indian government to achieve its fiscal deficit target.
- While the offer attracted wealth funds from Singapore and Norway, most institutional investors are local, with 15 domestic mutual funds accounting for 71% of the anchor allocation.
- An analyst saw a limited downside given the attractive valuation as LIC shares were available at a significant discount to peers at the upper band of the issue price. The retail investor discount served as the cherry on the cake.
- Photo via Wikimedia Commons
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