India has downsized its insurance giant’s gigantic IPO ...Middle East

India is doing all it can to make the initial public offer (IPO) of the country’s insurance behemoth Life Insurance Corporation of India (LIC) a success. But the headwinds seem simply too strong.Following various regulatory tweaks, the IPO has been trimmed to 221.4 million shares as the Ukraine war dampens investor demand. This is equivalent to a mere 3.5% stake in the company, compared to the 5% planned earlier.LIC hopes to raise $2.7 billion when the IPO opens next week at the top end of the price range of 902-949 rupees per share, according to a revised IPO prospectus. This is a third of what was hoped for in February.Read the rest of this story on qz.com. Become a member to get unlimited

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