Shares in the Indian state-run insurance giant Life Insurance Corporation (LIC) have gone on sale in a $2.75bn (£2.18bn) initial public offering, witnessing strong demand from institutional investors.
The government is offering a 3.5% stake in what will be India’s most significant share sale, despite both the size and valuation of the issue being slashed considerably to reflect current market conditions.
What are the details of the IPO?
The date for share listing is 17 May, the government’s Department of Investment and Public Asset Management said.
Bids for anchor investors opened on 2 May but the share sale for the public opens on 4 Might and closes on 9 May.
General investors can purchase equity shares at a price band set at $11.75-12.36 (£9.38-9.87) per share.