India's Largest IPO Raises $736M Ahead of Listing, Attracts Foreign Investment

India’s largest-ever public offering has attracted anchor investors, including Norway’s sovereign wealth fund and the Singaporean government, raising ₹56.3 billion ($736 million) ahead of its initial public offering, Bloomberg reports.
The 123 anchor investors joining Life Insurance Corp of India’s IPO committed to purchasing shares at ₹949 per share, the top end of a marketed range.
LIC is the country’s oldest insurer and had the market to itself until the government opened it up to the private competition in 2000.
LIC has a 60% market share of India’s 24-company-strong life insurance market, Bloomberg notes.
Due to the Ukraine crisis, the Indian government has pared back its original fundraising goal by ~ 60%.
The investors included the Norwegian fund, the Singapore government, and 15 domestic mutual funds accounting for 71% of the anchor allocation.
The IPO previously drew comparisons with the $29.4 billion listing of Gulf oil giant Saudi Arabian Oil Co.
Orders from retail investors for the listing, which could raise ₹210 billion in total, will be taken starting on May 4.
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