India’s decided to go ahead with state-run Life Insurance Corp’s (LIC) initial public offering (IPO) in May due to strong market demand and a “solid” anchor investor base, a top finance ministry official said on Wednesday.
India expects to raise up to $2.74 billion from selling a 3.5 percent stake in LIC’s IPO, just a third of its original target, and is set to open on May 2 for anchor investors.
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Tuhin Kanta Pandey, secretary at the department of investment and public asset management, said the size of the LIC IPO is “optimal” in current market conditions.
The government had originally planned to sell a 5 percent stake in the company.
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