Norges Bank Investment Management, GIC Pte, and Abu Dhabi Investment Authority had all committed to the LIC IPO. The IPO will be offered to anchors on May 2 and to the general public on May 4-9.
The Centre is also trying to confirm participation from international sovereign and pension funds that had expressed interest in the public offering previously. LIC, which is on track for a Rs 21,000 crore IPO, hopes to raise up to Rs 5,630 crore from anchors at the top of the IPO pricing band. For the anchor component, the company has set aside 59.29 million shares.
The price band for India’s largest IPO, which had to trim approximately 60% of its issue size due to poor market conditions, had previously been set at Rs 902-949 per share. The IPO will be the country’s largest, followed by Paytm’s One97 Communications (Rs 18,300 crore) and Coal India Ltd (Rs 18,300 crore) (Rs 15,199 crore).