LIC IPO investors bid for double of anchor book

A man walks past a hoarding of Life Insurance Corporation of India (LIC). Credit: Reuters Photo

By Baiju Kalesh and Suvashree Ghosh

Life Insurance of Corporation of India’s initial public offering gets bids from large investors for twice the size of the anchor book, according to people with the knowledge of the matter.

The anchor book of Rs 5,600 crore for the country’s largest public offering of Rs 21,000 crore will be announced on Monday.

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Singapore’s GIC Pte and Norway’s sovereign wealth fund are among the anchor investors, the people said, asking not to be identified before an official announcement. LIC didn’t immediately respond to an email seeking comment.

The LIC IPO aims to price shares between Rs 902 and Rs 949 each. Firms in India have raised about $1.1 billion through IPOs this year, data compiled by Bloomberg show. That’s less than half of the almost $3 billion raised in the same period in 2021. The offering runs from May 4 to 9 for other investors.

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