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The IPO of India's biggest insurer, Life Insurance Corporation (LIC), has got off to a good start, with the $732 million of shares reserved for so-called anchor investors oversubscribed at the upper end of the price range, a banking source said.
The Indian government has said it expects to raise up to $2.74 billion, just a third of its original target, from selling a 3.5% stake in LIC in the country's biggest initial public offering (IPO).
Anchor investors are high-profile institutional investors that are allotted shares before the subscription opens for retail and other investors, and have to commit to holding their
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