Business Maverick: India to Trim Mega Insurer IPO Size, Issue Opens Next Week

Prime Minister Narendra Modi’s government will sell 221.3 million shares of Life Insurance Corporation of India at 902-949 rupees each, according to people with knowledge of the matter, which could raise as much as 210 billion rupees at the top end of the price range. That’s far lower than the 500 billion rupees targeted earlier.

Even so, the IPO will be India’s biggest, surpassing that of One97 Communications Ltd.’s 183 billion rupee sale in November. A successful listing would need demand from both global and local funds, in a year when foreign investors have withdrawn $19 billion dollars from Indian stock markets. The money will help bridge the budget deficit, which risks becoming wider as fuel costs surge.

Representatives at LIC didn’t immediately respond to an email seeking comment and a spokesperson at the finance ministry couldn’t be immediately reached.Offer opens for anchor investors May 2, runs May 4-9 for other buyers About 10% will be reserved for LIC policyholders who will also get a discount of 60 rupees on the IPO issue price

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