India’s Biggest IPO Starts Retail Orders as Markets Stay Volatile
- Anchor investors include wealth funds from Singapore, Norway
- Retail investors will be alloted 35% of shares for sale
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India’s largest initial public offering, which is expected to fetch 210 billion rupees ($2.7 billion), sold 67% of the issue on day one, after attracting anchor investors including sovereign funds from Norway and Singapore.
Retail investors can place their orders for shares of state-controlled Life Insurance Corporation of India until May 9. The milestone deal, slashed by more than half in size amid the war in Ukraine and rising interest rates worldwide, is key for Prime Minister Narendra Modi to achieve his fiscal deficit target.