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Domestic mutual funds dominate LIC's anchor allotment


Mumbai: Domestic institutions dominated Life Insurance Corporation of India’s anchor allotment before the initial public offering which opens for subscription on May 4. Out of the 123 anchor investors, 99 were domestic mutual funds, while the rest were domestic insurance funds and pension funds among others.

Six foreign funds participated in the exclusive share sale for institutional investors.

The company on Tuesday said that it had raised ₹5,627 crore from anchor investors on Monday, ahead of an initial public offering – the largest public offer ever. The company said about 59.3 million shares were allotted to anchor investors at ₹949 each, the upper end of the price band for the IPO on Tuesday. The IPO, India’s biggest, will close on May 9.

Societe Generale, the Government Pension Fund of Norway, the Government of Singapore, Monetary Authority of Singapore, BNP Investments and Ghisallo Master Fund were the foreign funds which participated in the anchor book.

About 42.17 million shares were allotted to 15 domestic mutual funds, including SBI,

, HDFC, , Axis, Nippon, and UTI. HCL Corporation, NPS Trust, PNB Metlife, and Bajaj Alliance General Insurance were some of the other anchor investors.

The government aims to raise ₹20,600 crore from investors through the IPO. Of the 221.37 million shares on offer, around 98.8 million are reserved for qualified institutional buyers, and 29.6 million for non-institutional buyers.



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