LIC, the insurance behemoth, announced on Tuesday that it had raised a little more over Rs 5,627 crore from anchor investors, mostly domestic institutions, ahead of its big initial public offering (IPO).
The insurer stated in an early morning filing to exchanges that its portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share. According to the report, 4.2 crore shares (71.12 percent) of the 5.9 crore shares allocated to anchor investors were distributed to 15 domestic mutual funds through 99 schemes.
Apart from that, some domestic insurance companies and pension funds invested. ICICI Prudential Life Insurance, SBI Life Insurance, Kotak Mahindra Life Insurance, PNB Metlife Insurance, SBI Pension Fund, and UTI Retirement Solutions Pension Fund Scheme were among the famous names in this category.
The Government of Singapore, the Monetary Authority of Singapore, the Government Pension Fund Global, and BNP Investment LLP were among the foreign participants. According to the prospectus, 5.93 crore shares out of a total of 22.13 crore were set aside for anchor investors.
The government would raise Rs 21,000 crore by diluting 3.5 percent of its stock in LIC, making it the largest IPO in Indian history. Previous high-profile fundraising events were Paytm's IPO in 2021, which raised Rs 18,300 crore, and Coal India's IPO in 2010, which raised Rs 15,200 crore.
LIC IPO price band at Rs.902-949, issue size Rs 21,000 Cr, Details inside
The stock market remain closed today, May 3 on account of Eid-ul-Fitr
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