India raised $2.7 billion as its biggest ever initial public offering priced at the top of the range following strong demand from local investors. Overall, the Life Insurance Corporation of India offer was oversubscribed by nearly three times. The money will help the government bridge its budget deficit, and has been dubbed India’s “Aramco moment” because of the offering's scale, and its reliance on domestic investors after some foreign buyers deemed it too expensive. (Source: Bloomberg)
