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

Quartz - Economy
India has downsized its insurance giant’s gigantic IPO
source : Quartz ( Middle East ) () 25
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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