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.
TECOM Group posts strong 2025 results as revenues and profits rise
Family businesses urged to rethink investment, philanthropy at Dubai summit
UAE-Vietnam CEPA enters into force
Indian rupee, stocks soar in relief rally after trade deal with US
UAE, DR Congo sign CEPA to strengthen economic partnership
