Highlights

  • Foreign Investors show muted interest in IPO
  • Foreign institutional funds have put orders only for 2 per cent of the shares

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LIC IPO: Locals are vocal, FIIs not gushing

Most of the bidding for the shares has been done by domestic investors. We look at 3 reasons for the same.

The initial public offering (IPO) of Life Insurance Corporation (LIC) — India’s largest-ever for the domestic markets has seen a loud cheer of vocals from the locals but the Rs 21,000-crore IPO has seen a muted response from the foreign investors.

As per the data available at the time of writing this copy, foreign institutional funds have put in orders for merely 8% of the shares set aside for all institutional buyers.

Even if you analyse the anchor investors' portfolio, 70% of the Rs 5600 cr anchor book was only domestic investors. However the IPO did draw in some interest from sovereign funds from Norway and Singapore.

Foreign investors shying away from the LIC IPO is also a reflection of the current market scenario, where FPIs have been sellers in the Indian equity market for the last 7 months. In fact in just the last 4 months, foreign funds have pulled out $17.7 billion from the Indian markets.

The LIC IPO will list on the bourses on May 17 and the allotment of the shares will be announced on May 12.

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