The initial public offering (IPO) of Life Insurance Corporation of India (LIC) opened for subscription today (04 May). The insurance behemoth mopped up Rs 5,627 crore from its anchor investors with domestic mutual funds accounting for 71 percent of anchor book subscription.
LIC is offering over 22 crore shares for a 3.5 percent stake, as it aims to raise over Rs 21,000 crore.
Retail investors will be allotted 35 percent of the total shares in the offer and will be given a discount of Rs 45 from the IPO price.
To discuss the offering, CNBC-TV18 spoke to Nilesh Sathe, Former Member of IRDAI and Jigar Mistry, Co-Founder of Buoyant Capital.
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