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LIC float to be anchored by Norway, Singapore, and Abu Dhabi

The IPO will open on May 2 for anchors and will run from May 4-9 for the public.

April 29, 2022 / 09:48 AM IST

Sovereign wealth funds of Norway, Singapore and Abu Dhabi have agreed to anchor Life Insurance Corporation of India's initial public offering.

Norges Bank investment Management, GIC Pte, and Abu Dhabi Investment Authority have committed to the LIC IPO but the names are yet to be officially announced, Bloomberg reported.

The IPO will open on May 2 for anchors and will run from May 4-9 for the public.

Also Read: 'This is LIC 3.0': Chairman sounds war cry

The Centre is also looking to confirm participation from foreign sovereign and pension funds that had earlier indicated an interest in the public offer.

LIC, on course for its Rs 21,000 crore IPO, aims to raise up to Rs 5,630 crore at the upper price of the IPO price band from anchors. The firm has reserved around 59.29 million shares for the anchor portion.

The government has been given permission by the Securities and Exchange Board of India (Sebi) to sell 3.5 percent of its stake in the insurer.

India's largest IPO, which slashed around 60 percent of its issue size due to poor market conditions, earlier announced its price band at Rs 902-949 a share.

Also Read: DIPAM Secy Tuhin Kanta Pandey's top takes on the mega public issue

With this, LIC will become the country's fifth most-valued listed firm, with a market cap of over Rs 6 trillion, according to calculations by Moneycontrol. Globally, it will rank 186th in terms of market cap.

The IPO will be the biggest IPO of the country followed by Paytm Owner One97 Communications (Rs 18,300 crore) and Coal India Ltd (Rs 15,199 crore).

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