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The Gist
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Global Philippines Fine Living
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Economy Stocks Bonds Currencies
THE BASICS
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2024 Mid-Year Economi Briefing, economic growth in the Philippines
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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
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economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
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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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