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.
Volkswagen flags 50,000 job cuts across group
UAE tightens anti-fraud rules, sets 24-hour deadline to withdraw fake goods
Apple facing $2.7 billion UK lawsuit over 'unfair' app tracking rules
Middle East Energy 2026 opens in Dubai
Shein shares slide in Hong Kong debut on worries about trade, regulatory risks
