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LuLu Retail, owned by business tycoon M A Yusuff Ali's LuLu Group, has created a record demand for a private entity's IPO.
Lulu has now created the record for the UAE's biggest retailer and private firm IPO.
The IPO comprises a fresh issuance of equity shares worth Rs 250 crore and an Offer For Sale (OFS) of 1.19 crore equity shares by Banyantree Growth Capital II, LLC.
The IPO of Muthoot Microfin which was launched on December 18 had witnessed a big interest from investors and it was oversubscribed by 11.52 times.
The four companies are Global Health Ltd, which operates hospitals under the Medanta brand, microfinance lender Fusion Micro Finance Ltd, DCX Systems and Bikaji Foods International.
LIC now has a market value of around Rs 5.54 lakh crore rupees ($71.54 billion) and is India's fifth-biggest company.
India priced LIC's record-breaking IPO last week at 949 Indian rupees ($12.20), the top of the indicated range.
Against 16,20,78,067 shares on offer, 16,68,60,765 bids were received – translating into a subscription of 1.03 times, as per data on stock exchanges as of 7 pm.
The insurance behemoth is eyeing to raise about Rs 21,000 crore through the initial public offering, which will close on May 9.
The timing for placing a bid for subscription is from 10 am to 5 pm. The IPO will conclude on May 9 at 3 pm.
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