At least five domestic mutual funds, SBI, Aditya Birla, ICICI Prudential NSE -1.59 %, HDFC and Kotak NSE 1.42 %, have made commitments in the range of Rs 150-1,000 crore each for Life Insurance Corp of India’s initial public offering. While the insurer estimates up to 70 lakh retail applications that is more than five times the average retail applications received for Indian primary equity market issuances in last financial year, people familiar with the matter told ET.
