India has decided to go ahead with state-run Life Insurance Corp's (LIC) initial public offering (IPO) in May due to strong market demand and a "solid" anchor investor base, a top finance ministry official said on Wednesday.
India expects to raise up to $2.74 billion from selling a 3.5 per cent stake in LIC's IPO, just a third of its original target, and is set to open on May 2 for anchor investors.
For subscription, the issue will open on May 4 and close on May 9.
Tuhin Kanta Pandey, secretary at the department of investment and public asset management, said the size of the LIC IPO is "optimal" in current market conditions.
The government had originally planned to sell a 5 per cent stake in the company.
School fee payments set to become easier under new Tabby partnership
Don't fight AI, HSBC CEO tells staff as banks begin job cuts
DP World attracts over AED 854 million in investments at Jafza
OpenAI defeats Elon Musk's lawsuit, removes obstacle to IPO
