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India cuts state insurer IPO's fundraising target by two-thirds

Downsized LIC offer leaves 'money on table' for other companies hoping to list

India hopes to boost state coffers by selling down a part of its holdings in Life Insurance Corp. of India, which has a domestic market share of over 63%.   © Reuters

BENGALURU -- The Indian government has slashed its initial public offering target for state-run Life Insurance Corp. by two-thirds to ensure that the country's largest-ever listing sails through, amid a slowdown in the global economy, exacerbated by Russia's invasion of Ukraine.

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