India’s Life Insurance coverage Corp. (LIC) has priced its preliminary public providing on the prime of the indicated vary, at 949 rupees ($12.28), a supply aware of the matter mentioned on Friday.
The state-owned insurance coverage behemoth is more likely to be listed on inventory exchanges on Could 17.
LIC didn’t instantly reply to an electronic mail request in search of remark. The supply, not approved to talk to the media, didn’t need to be recognized.
The worth vary for the difficulty had been set at between 902 and 949 rupees per share. LIC supplied a reduction to staff and retail traders of 45 rupees per share whereas policyholders got a reduction of 60 rupees per share.
LIC shares had been buying and selling at a reduction of round 30 rupees from the higher finish of the worth band, a pointy decline from a premium of 100 rupees earlier this month.
The nation’s largest-ever IPO was oversubscribed 2.95 instances as six days of bidding got here to an finish on Could 9. The federal government expects to lift as much as $2.7 billion – a 3rd of its authentic goal – by promoting a 3.5% stake within the firm.
The 66-year-old firm dominates India’s insurance coverage sector, with greater than 280 million insurance policies. It was the fifth-biggest world insurer by way of insurance coverage premium assortment in 2020, the most recent yr for which statistics can be found.
($1 = 77.3075 Indian rupees)
(Further reporting by Nivedita Bhattacharjee in Bengaluru; enhancing by Uttaresh.V and Bradley Perrett)
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