Foreigners Make a Last Minute Dash for India’s Biggest IPO
- Foreigners order 61% of LIC stock granted to institutions
- Indian govt slashed size and price of the record share sale
A Life Insurance Corp. of India branch office in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Foreign institutional investors stepped up their bids for India’s biggest share sale in the last hours before the close of subscription on Monday, shunning currency risks and global market uncertainties.
Overseas investors put in orders for 61% of the shares set aside for institutional buyers in the $2.7 billion initial public offering of Life Insurance Corporation of India, according to data from the exchanges. The portion was oversubscribed nearly three times by the end of the bidding. The issue opened on May 4 and received bids through the weekend.