India to raise up to $3.3 billion by selling stake in country’s largest life insurer at 10% discount

The LIC logo looms above a couple of passersby in Mumbai in India last week. The IPO of the biggest payer in life insurance in the country is expected to fetch $2.7 billion in the country's biggest IPO so far.Punit Paranjpe | Afp | Getty ImagesThe Indian government will sell up to a 6.5% stake in state-owned Life Insurance Corporation of India at a 10% discount to its Monday closing price, as it moves to comply with regulatory requirements.The stake sale will fetch the government up to 314 billion rupees ($3.3 billion) through the offer, which consists of a base size of a 2.5% stake and an option to sell an additional 4% in the country's largest insurance company, LIC said in a stock exchange filing on Monday.The offer for sale, priced at 382 rupees per share, will open on Tuesday and end on Wednesday.The government of India owns a 96.5% stake in LIC, which it needs to reduce to 75% by 2032 to meet the minimum public shareholding requirements.LIC is the leading life insurance company in India with over 56% market share based on premium income. As of the end of March 2026, the firm had assets under management of 57.29 trillion rupees (about $600 billion).The government had sold a 3....