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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
コンテナターミナル
Economic Updates
Philippines Trade Update: Trade deficit narrows but not a sign of strength
August 29, 2025 DOWNLOAD
Frick collection with palm trees 
Economic Updates
Policy Rate Updates: BSP takes on less dovish tone
August 28, 2025 DOWNLOAD
City skyline at sunset in Metro Manila
Economic Updates
Quarterly Economic Growth Release: Stronger case for a BSP cut in August
August 7, 2025 DOWNLOAD
View all Reports
Reuters 1 MIN READ

UPDATE 1-LIC prices IPO at top end of indicated range – source

May 13, 2022By Reuters
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Changes sourcing, adds details

By Scott Murdoch and Nupur Anand

MUMBAI, May 13 (Reuters) – India’s Life Insurance Corp (LIC) has priced its initial public offering at the top of the indicated range, at 949 rupees ($12.28), a source familiar with the matter said on Friday.

The state-owned insurance behemoth is likely to be listed on stock exchanges on May 17.

The price range for the issue had been set at between 902 and 949 rupees per share.

LIC shares were trading at a discount of around 30 rupees from the upper end of the price band, a sharp decline from a premium of 100 rupees earlier this month.

The country’s largest-ever IPO was oversubscribed 2.95 times as six days of bidding came to an end on May 9. The government expects to raise up to $2.7 billion – a third of its original target – by selling a 3.5% stake in the company.

The 66-year-old company dominates India’s insurance sector, with more than 280 million policies. It was the fifth-biggest global insurer in terms of insurance premium collection in 2020, the latest year for which statistics are available.

($1 = 77.3075 Indian rupees)

(Additional reporting by Nivedita Bhattacharjee in Bengaluru; editing by Uttaresh.V and Bradley Perrett)

((Nivedita.Bhattacharjee@thomsonreuters.com; Mobile: +91 9920455129; Twitter: @tweetsfromnivi;))

This article originally appeared on reuters.com

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