Sovereign Funds Become Anchor Investors for Life Insurance Corporation’s IPO

Posted on 04/16/2022

The Securities and Exchange Board of India (Sebi) approved Life Insurance Corporation’s initial public offering.

Abu Dhabi Investment Authority, Qatar Investment Authority, Singapore-based GIC Private Limited, and three Canadian pension funds are among some public asset owners that are anchor investors in India-based Life Insurance Corporation (LIC). The anchor investment portion is expected to be around Rs 18,000 crore. The Indian government seeks to raise up to US$ 10 billion (around Rs 75,000 crore) through the LIC IPO. The Indian government will sell 5% in the public issue and around 316 million shares are to be sold.

Banks such as JP Morgan, Goldman Sachs, Bank of America Securities, SBI Capital Markets, Kotak Mahindra, Citigroup, Axis Bank, Nomura, ICICI Securities, and JM Financial, are managing the share sale.

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