India’s Life Insurance coverage Corp (LIC) has priced its preliminary public providing on the prime of the indicated vary, at Rs 949 ($12.28), a supply aware of the matter stated on Friday.
The state-owned insurance coverage behemoth is prone to be listed on inventory exchanges on Might 17.
The worth vary for the problem had been set at between Rs 902 and Rs 949 per share.
LIC shares have been buying and selling at a reduction of round Rs 30 from the higher finish of the value 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 Might 9. The federal government expects to lift as much as $2.7 billion – a 3rd of its unique 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 12 months for which statistics can be found.