Foreign investors step up bids for LIC IPO in last hour before closing

With just hours to go until end of the subscription period for the $2.7 billion initial public offering of LIC, foreign institutional funds have put in orders for merely 8% of the shares

Foreign institutional investors stepped up their bids for India’s biggest share sale in the last hours before the close of subscription on Monday, shunning currency risks and global market uncertainties.   

Overseas investors put in orders for 61% of the shares set aside for institutional buyers in the $2.7 billion initial public offering of Life Insurance Corporation of India, according to data from the exchanges. The portion was oversubscribed nearly three times by the end of the bidding. The issue opened on May 4 and received bids through the weekend.

While the anchor portion of the IPO also drew in sovereign funds