India raises ₹205.6 billion in LIC IPO priced at top of range, ₹949 a share

India raised 205.6 billion rupees ($2.7 billion) as its biggest initial public offering priced at the top of the indicated range following strong demand from local investors and a last-minute dash by foreign funds.

Life Insurance Corporation of India will offer at 949 rupees a share, the state-run firm said in a prospectus filed Friday. Trading on the stock exchange is due to begin May 17.

Foreign institutional investors stepped up their bids for the sale in the last hours before the close of subscription this week, shunning currency risks and global market uncertainties. 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 largest — the float of LIC has ended up resembling the Aramco IPO not just in scale but in its reliance on domestic investors after some foreign buyers deemed it too expensive.   

Retail investors were given a discount of 45 rupees on the offer price, while policyholders received a 60-rupee discount.