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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.

The government is now seeking to raise 205.57 billion rupees ($2.68 billion) by selling a 3.5% stake in LIC, valuing India's largest insurer at 6 trillion rupees, a significant step down from its earlier target of raising 650 billion rupees through a 5% stake sale.

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