From Breakingviews - India can concede more ground on its insurance IPO
Life Insurance Corporation of India Chairperson Mangalam Ramasubramanian Kumar attends a press conference before the LIC initial public offering launch in Mumbai, India, April 27, 2022. REUTERS/Francis Mascarenhas - RC2KVT9KW96XMUMBAI, May 10 - New Delhi can be even more generous in the landmark listing of its state-owned Life Insurance Corporation of India
. The book for the up to $2.7 billion initial public offering closed on Monday just under 3 times subscribed. The limited enthusiasm follows the government shrinking the share sale to just 3.5% of the total stock, down from 5%, and dramatically slashing the overall valuation by roughly two thirds to $78 billion. It would be prudent to price shares near the lower end of the indicated range too.
While the company’s policyholders piled into the offering, institutions subscribed at a lower ratio than the overall book. Such buyers placed orders for more than 12 times their allotment for LIC’s top two rivals, SBI Life
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