ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
IPO

Indian insurer LIC's IPO closes, oversubscribed nearly threefold

But analysts say prospective listees will have to pare back valuations

Life Insurance Corp. of India's IPO has proved popular with retail investors.    © Reuters

BENGALURU -- The initial public offering of state-owned insurer Life Insurance Corp. of India was oversubscribed 2.95 times on the back of frenzied bidding by small investors despite a slump in public markets triggered by interest rate hikes in the country and the U.S. last week.

The IPO of a 3.5% stake has become the biggest in India. The government had hoped to raise 205.57 billion rupees ($2.7 billion). Around 57.31% of the offer was allocated to small investors -- policyholders, who received a 60-rupee discount, along with employees and retail investors, who were given a discount of 45 rupees.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more