: Domestic mutual funds invest `4,002 cr in LIC IPO #FinanceIndia #StockMarketNEWS #Business Indo-Asian News Service New Delhi Domestic mutual funds invested `4,002 crore, accounting for a little

@StockMarketNEWS Wed 04 May, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

Domestic mutual funds invest `4,002 cr in LIC IPO #FinanceIndia #StockMarketNEWS #Business
Indo-Asian News Service

New Delhi

Domestic mutual funds invested `4,002 crore, accounting for a little over 71% of the total anchor book portion of the much-awaited initial public offering (IPO) of Life Insurance Corporation (LIC).

SBI Mutual Fund reportedly invested around `1,007 crore, becoming the largest investor in the anchor book quota.

The insurance major mobilised a total of `5,627 crore from anchor investors on Monday.

An anchor investor in an IPO is a qualified institutional buyer (QIB) which invests before the IPO is made available to the public, as per market regulator SEBI’s regulations, in order to instill confidence among investors.

The long-awaited Initial Public Offering (IPO) will open for investors on May 4 and will remain open to subscription tillMay 9.

The government has brought down the issue size from 5% to 3.5%.

A landmark public issue in the history of the Indian capital market, it is poised to be India’s

biggest IPO till date.

The IPO values LIC at ` 6 lakh crore.

The issue offer of the LIC will be in the price band of ` 902 to ` 949.

Also, the policyholders will be offered a ` 60 discount, while for retail investors, the discount

will be ` 45.