Indian mutual
funds join 56-billion-rupee anchor investor book
India’s
government has pared back aims for LIC IPO by 60%
India’s
largest ever public offering drew anchor investors including Norway’s sovereign
wealth fund and the Singaporean government, raising 56.3 billion rupees ($736
million) ahead of its full initial public offering.
The 123
anchor investors joining Life Insurance Corp. of India’s IPO committed to
purchase shares at 949 rupees each, the top end of a marketed range, according
to a stock exchange statement Tuesday. They include the Norwegian fund and the
Singapore government, confirming an earlier report by Bloomberg News, as well
as 15 domestic mutual funds accounting for 71% of the anchor allocation. Orders
from retail investors for the listing, which could raise as much as 210 billion
rupees in total, will be taken starting Wednesday.
