LIC IPO: Govt raises Rs 20,560 crore as firm sets issue price at Rs 949

Life Insurance Corporation of India shares have been priced at 949 rupees each, the state-run firm said in a prospectus filed Friday

India raised Rs 20,560 crore ($2.7 billion) as its biggest ever initial public offering priced at the top of the range following strong demand from local investors and a last-minute dash by foreign funds.

Life Insurance Corporation of India shares have been priced at Rs 949 each, the state-run firm said in a prospectus filed Friday. LIC shares were offered at Rs 902 to Rs 949 apiece. Trading on the stock exchange is due to begin May 17.

Dubbed India’s “Aramco moment” in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019 -- the world’s