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LIC’s IPO, India’s largest at ₹21k crore, subscribed 3 times


MUMBAI: The Rs 21,000-crore initial public offering (IPO) for life insurance behemoth LIC received a huge response from domestic institutions and was oversubscribed nearly three times by the time it closed on Monday. LIC’s policyholders, its employees, retail investors, high net worth investors (HNIs) and domestic financial institutions contributed handsomely to the offer. On the other hand, foreign funds – despite initial talk about strong demand from this influential group of investors – turned out to be mostly fence sitters, according to the final subscription figures.
In the post-issue press conference, Tuhin Kanta Pandey, secretary of the government’s divestment arm Dipam that was responsible for taking LIC public, described the offering as an ‘Atmanirbhar’ issue as it was the domestic investors, especially the Indian financial institutions, that saw it through. The issue had opened on May 4 and, unlike other offers in the past, investors were able to bid in the IPO on all the intervening days – including Saturday and Sunday – as the government had made special arrangements to smoothen the usual last-day rush seen in most high-profile offers.
According to data on the BSE, the portion reserved for LIC’s policyholders was subscribed 6.1 times, for eligible employees it was 4.4 times, for retail investors nearly 2 times, for HNIs 2.9 times and for the institutional buyers 2.8 times. The IPO received bids for nearly 48 crore shares against 16.2 crore on offer. A day before the IPO opened for all investors, the government had placed LIC shares worth about Rs 5,600 crore with a clutch of domestic and foreign investors. This was the first divestment offer in the history of the Indian capital market that had anchor investors.
Through this IPO, the biggest in India, the government divested 3.5% of its equity in the life insurance major. According to the pricing policy of the offer, LIC’s policyholders will get a Rs 60-per-share discount on the final price, while retail investors get Rs 45.
Interestingly, as the mega IPO drew to a close on Monday, the grey market premium (GMP) in the unofficial market for shares evaporated. At the start of the IPO on May 4, the GMP was at Rs 60-65 per share, which on the second day hit a high of Rs 80. By Monday afternoon, however, the GMP was at a low of Rs 5 and, by evening, it had vanished. GMP for any IPO is an indicator of the premium the shares could command at listing. LIC is expected to be listed on May 17.





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Day 3: LIC IPO subscribed 1.38 times


The mega initial public offering (IPO) of Life Insurance Corporation (LIC) was subscribed 1.38 times (138 per cent) on Friday with investors putting in bids for 22.36 crore shares as against the public offer of 16.20 crore shares.

LIC policyholders’ quota was oversubscribed 4.01 times (401 per cent) and the employee reserved portion attracted 306 per cent subscription. The retail investors portion was subscribed 123 per cent, according to data revealed by the stock exchanges.

Retail investors bid for 8.53 crore shares as against their quota of 6.91 crore shares. While 2.21 crore shares were allotted for policyholders, there were bids for 8.88 crore shares. Employees bid for 48.33 lakh shares as against their quota of 18.51 lakh shares.

Non-institutional investors have subscribed 76 per cent of their portion while qualified institutional buyers (QIBs) bought 56 per cent of the allotted quota of 3.95 crore shares. Majority of the bids in the QIB quota were put by banks, domestic institutions, insurance companies and mutual funds. QIBs normally put in their bids on the last day of the IPO. Foreign investors put in bids for 8.40 lakh shares.

The issue will close on May 9.

The corporation has priced the IPO in the range of Rs 902-949 per share. It has offered a discount of Rs 60 for policyholders and Rs 45 for retail investors and employees. The size of the IPO was cut from Rs 65,000 crore to Rs 21,000 crore as the Russian invasion of Ukraine and sustained selling by foreign investors sent the stock markets into a tailspin.
LIC mobilised Rs 5,627 crore from anchor investors on Monday. Domestic mutual funds invested Rs 4,002.27 crore, accounting for 71.12 per cent of the total anchor book portion of the IPO. SBI Mutual Fund invested Rs 1,006.89 crore, becoming the largest investor in the anchor book quota.





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Ahead of LIC IPO, Irdai allows insurers to invest more in BFSI


Paving the way for more investment in the financial sector and insurance companies, insurance regulator Irdai has hiked the exposure limit of insurance companies in such companies to 30 per cent.

The hike in the exposure limit comes ahead of the mega IPO of Life Insurance Corporation (LIC). “The Authority in exercise of its powers conferred under the Irdai (Investment) Regulations, 2016, permits all insurers to have exposure to financial and insurance activities (as per section K of NIC classification) up to 30 per cent of investment assets. Accordingly, the limit of 25 per cent of investment assets mentioned in Irdai (Investment) Regulations, 2016 stands revised to a limit of 30 per cent of Investment Assets,” Irdai said in a circular. The Irdai move is expected to allow insurance companies to invest more funds in the LIC IPO, insurance officials said.

Weightage of financial and insurance companies in broader Indian market indices has consistently gone up over the last few years. “Life insurance industry had been seeking an increase in the current 25 per cent sectoral limit on exposure to the BFSI sector. The increase in this limit to 30 per cent will provide the much-needed leeway for the insurance companies to increase their exposure to the sector and bring it closer to the broader market levels,” said Sampath Reddy, chief investment officer, Bajaj Allianz Life.

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“Additionally, they would also be in position to hold a much wider basket of diverse stocks within the sector and participate in the promising Indian growth story through the same,” Reddy said. LIC on Wednesday priced its initial public offering (IPO) in the range of Rs 902-949 per share. LIC IPO will open on May 4 and will close on May 9.

Insurance companies led by LIC, New India Assurance and others are major players in the capital market. LIC is the largest investor in stock markets. LIC booked profit worth Rs 42,862 crore from the sale of investments, mainly from equities, in the first nine months of the fiscal year 2022.

In 2013, Irdai allowed insurance companies to hold up to 15 per cent stake in any company, up from 10 per cent.





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What is IPOIPO kya haiDetails of an ipo in hindi |IPO ke baareme a to z #ipo #iposhare #iposhorts



What is IPOIPO kya haiDetails of an ipo in hindi |IPO ke baareme a to z #ipo #iposhare #iposhorts

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Green bonds, digital currency hold promise


The coming financial year will be rather interesting as it might witness the fructification of several budget proposals. The most obvious one that comes to mind is the disinvestment of LIC which was supposed to have concluded in March but now looks likely to be completed in the next financial year. But the question is when will this be done?

The course of the war is not known and if this uncertainty has held back the IPO now, there is no guarantee that the situation will be better in April or May. In fact, as 2021-22 draws to a close, markets appear to have reverted to normalcy. In retrospect, the government could perhaps have launched the IPO.

The other two major budget announcements pertain to the issuance of sovereign green bonds and a central bank digital currency. These two launches will be a joint effort between the government and the RBI. While geopolitical turbulence might make the current moment inopportune for experimentation, the government seems firm on both the proposals and they will most probably be rolled out.

The sovereign green bond is a novel idea. It will be a part of the government’s borrowing programme. The gross borrowing programme of the government is pegged at Rs 14.95 lakh crore. This money is raised by the government to finance the deficit which involves excess expenditure on both the capital and revenue accounts. But considering that money is fungible, it is hard to figure out where the borrowed money goes. In the case of sovereign green bonds, though, an exception has to be made. The SGB (sovereign green bond) raised will be part of the aggregate borrowing programme and has to be used for projects which are ESG (environment, social and governance) compliant. Hence, if the bond is being used to finance a power project or road, or in case it is used to finance revenue expenditure, it has to be ESG compliant. The groundwork for this should be done in advance.

The pricing of these bonds will be tricky. As these bonds are different from G-secs (government securities), they may have to provide a better return as all ESG compliant companies have to make special investments that will push up costs. Or will it be the case of these bonds being priced at lower rates to aid ESG implementation? Further, given the low interest rates prevailing today — real returns on deposits are negative — the SGBs can be issued as tax-free bonds, open to the public. This will evince a lot of interest given that these are government-issued bonds. The RBI and the government have been trying to get retail investors to participate in the government’s borrowing programme, and this move will expedite the process.

The central bank digital currency, also known as CBDC, is also an interesting concept. It seems to be an outcome of the proliferation of cryptocurrencies. This has pushed several central banks into developing their version of digital currencies. This reasoning could be misleading because cryptos are an investment option, unlike a CBDC which is a substitute for currency. For launching such a currency, the RBI has to address certain fundamental questions.

First, is a CBDC going to replace currency at some point in the future? Is this just another option for the public or will physical currency disappear? One must remember that there are several sections in India that are not conversant with technology.

Second, if it is going to coexist with currency, how different will it be for the public from the digital payments that are being made today? This is a pertinent question because there seems to be a large volume of cash in the system post demonetisation. Will people need to choose between a mobile wallet and a CBDC wallet?

Third, any issuance of CBDC on a voluntary basis also raises a question on the security of the owner’s information. Aadhaar is supposed to ensure that an individual’s information is confidential, yet there is scepticism. That’s why CBDC has to be clear on the issue of confidentiality as it is bound to be a matter of concern. If it is not confidential, even a CBDC, given as a gift to a couple on their marriage will be tracked by the income tax department.

Fourth, what will be the future of the banking system as CBDC catches on? If people have to be incentivised to move voluntarily to the CBDC, the cash exchanged must earn an interest or else all money will go to bank accounts where a minimal interest rate can be earned. Will we require savings bank accounts with commercial banks in case all cash goes to the RBI? Will we then require ATMs for cash withdrawal? Will bank tellers become redundant? Will we need logistics companies that handle cash? These finer issues need to be addressed by the RBI as the widespread use of CBDC will progressively lead to lesser need for banks.

Fifth is the issue of security as any financial system that runs on technology can be hacked. It has to be foolproof and power failure resistant. Such systems have to be created and tested before a CBDC is brought in. There is a real danger of cyber fraud increasing as the majority of the population is not tech-savvy. Similarly, there is always downtime for bank servers when banking transactions cannot be carried on. This cannot be allowed to be the case with CBDC as it has to be available on a 24 x 7 basis.

If they succeed at the central level, green bonds can be replicated by states. The arguments for CBDC are compelling on the grounds of keeping up with the central banks of other countries, and the possibilities of taking advantage of new technologies like blockchain. But before embarking on these measures, it might be useful to keep in mind the issues flagged above.

The writer is Chief Economist, Bank of Baroda and author of Hits & Misses: The Indian Banking Story. Views are personal





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War, FPI exit play spoilsport; push IPOs worth Rs 77K crore to back burner


The mega plans of over 50 companies to raise more than Rs 77,000 crore through initial public offerings (IPOs) seem to have been put on the back burner for now following the market volatility and exit of foreign portfolio investors in the wake of the Russian war on Ukraine. This is besides the LIC IPO through which the government plans to raise around Rs 60,000 crore. While the issue received Sebi approval last week, it is set to get delayed, given the current market situation.

Many of these issuers had planned their IPOs after the boom in 2021 saw a host of companies, including new-age companies, to firm up plans for IPOs in 2022. But their plans hit a roadblock with the benchmark Sensex falling over 8,300 points, or 13.5 per cent, between January 14 and March 7 amid the huge sell-off by FPIs as concerns over rising interest rates in the US, the Russian invasion of Ukraine and the rise in crude oil prices accentuated the already parlous situation, leading to further panic in the market.

Even as the Sensex staged a recovery of 9.5 per cent over the 8 trading sessions since March 7, in line with correction in crude price and progress on talks between Russia and Ukraine, market participants feel that as markets are expected to remain volatile, it may take some time before the issuers and merchant bankers have the confidence to roll out their IPOs.

Investment bankers say the sustained sell-off by FPIs has put a spanner in the works of issuers. FPIs were major subscribers of shares offered through the IPO route in 2021 as they bought shares worth Rs 80,314 crore in IPOs. This is at a time when FPIs had sold Rs 54,563 crore from the secondary markets. “FPIs were a major factor in the success of IPOs in 2021. They are missing in 2022,” said an investment banking source. Between January and March 2022, FPIs have sold equity holdings worth Rs 110,974 crore from Indian markets.

Market participants say that the primary market activity will only pick up once the secondary market stabilises and starts witnessing investor enthusiasm. While a large number of issuers bunched up their issues to capitalise on the investor enthusiasm in 2021 and capitalise on the premium that investors were willing to pay, investor focus has now shifted towards listed blue-chip companies.

Besides, market participants feel that investors are likely to take a very guarded call on new-age technology companies that come for listing this year. This caution is on account of the sharp correction in the share prices of some of these companies that got listed in 2021.

While Paytm is trading at 72 per cent below its issue price, CarTrade Tech is trading at 64 per cent below its issue price. If FSN Ecommerce Ventures has seen a sharp decline in its share price from an all time high of Rs 2,574 to Rs 1,552 now — a premium of 38 per cent over its issue price of

Rs 1,125, Zomato too is trading just above its issue price of Rs 75 and closed at Rs 80.7 on Thursday.

“The current situation in the market and high volatility is likely to continue due to geopolitical tensions and fear of stagflation on account on higher crude and other commodities prices,” said Ravi Singh, vice president and head of research, Share India.

As the response in primary market depends on the activities in the secondary market, the extraordinary volatility in the primary market since last few months has forced the companies to hit a pause button on their IPOs, he said.

“About 50 companies were set to raise Rs 77,000 crore from the market. The rising crude prices have caused inflationary concerns for companies, whose effect is seen on the stock prices. The IPO of LIC was expected to be launched by March-end but now it will be done in the next fiscal,” said Manoj Dalmia, founder and director, Proficient Equities Pvt Ltd. IPOs of Go Airlines, API Holdings, Delhivery, Emcure Pharma and Swiggy are among the companies that have planned IPOs. “However, the market is currently facing sell-off by FPIs, whose support is needed to create liquidity when such big-ticket size IPOs are involved,” he said.

The much-talked about public issue of LIC is expected to get deferred now in line with the weakness in equity markets over geopolitical concerns. Experts say that even if a company comes out with a public issue, it may not witness the enthusiasm received by many issues over the last one year and the returns too may be limited.

The validity period of Sebi’s observation letter is 12 months only — the company has to open its issue within the period of 12 months starting from the date of issuing the observation letter. This means if issuers who received the Sebi nod will have to submit a fresh prospectus if they are unable to launch the IPOs within 12 months.

In order to make the most of the rising market in 2021, as many as 50 companies managed to raise in excess of Rs 1.1 lakh crore from the equity markets — the highest mobilisation in a year. In line with interest from all categories of investors, retail investors too queued up in big numbers and, in many cases, returned dejected and empty handed, as issues got mobbed and some of them even received subscription of over 100 times. Many new-age companies, which raised money through IPOs last year, are now quoting below their issue prices.





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One in three IPOs this fiscal trading below its issue price


AT LEAST one in three initial public offerings (IPOs) this financial year since is currently trading below its issue offer price. In the past 10-plus months since April 1, 2021, in FY 2021-22, as many as 50 companies mopped up a record Rs 1,11,156 crore; state-owned Life Insurance Corporation too expects to mobilise over Rs 50,000 crore through an IPO this year itself.

During the same 10-month period, the benchmark sensitive index (Sensex) of the Bombay Stock Exchange gained over 16.5 per cent. BSE mid-cap and small-cap indices rose 18 per cent and 34 per cent, respectively during the period.

If investors in 18 companies out of 50 listed are sitting on losses, several others have generated only marginal gains. Of the 32 trading at a premium as on February 18, a dozen generated capital gains of up to 15 per cent which includes seven that have risen by up to 10 per cent, according to data compiled by The Indian Express.

Amongst the losers, investors in CarTrade Tech and One97 Communications (Paytm) suffered the maximum value erosion with shares trading over 60 per cent below their issue price. Even Zomato witnessed a sharp 36 per cent correction over the last one month; it is currently trading at Rs 86, which is 13 per cent over its issue price. FSN E-commerce (Nykaa) saw its share price fall from Rs 2,071 on January 17 this year to Rs 1,397 on February 18. The issue was priced at Rs 1,125. Data Patterns dropped from Rs 815 to Rs 652.20 during the same period.

The sharp fall must be seen in the context of a larger selling pressure in tech stocks. While the BSE Tech fell 8 per cent against the Sensex fall of 0.7 per cent since December 31, the Nasdaq has lost 13.4 per cent compared with the 6 per cent in Dow Jones.

Half-a-dozen IPOs are quoting at a premium of over 100 per cent and another six have returned between 50 per cent and 100 per cent capital gains since their listing.

The CEO of an asset management company said investors should be careful when there are many IPOs. “It is always seen that when the markets are on a high, IPOs tend to bunch up as companies hope to command a high premium. In such cases, promoters don’t leave much on the table for investors; they make the most,” said the CEO, who did not wish to be named.

The CEO further raised concern over the huge valuation demanded by new age technology companies and investor appetite. “If these companies could not make profit in lockdown when everything turned online, I am not comfortable with them when the economy has opened up,” he said.

The top ten gainers appreciated between 58 per cent and 273 per cent with Paras Defence and Space Tech topping the list with a gain of 273 per cent; its shares jumped from Rs 175 to Rs 654 after listing October 1, 2021.

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The top loser is CarTrade Tech which came out with an IPO at Rs 1,618 per share. This share is now trading at Rs 586, a discount of 63.8 per cent. Investors also lost in the high-profile IPO of Paytm. The company which offered its shares at Rs 2,150 is now quoting at Rs 833.9 on the exchanges. The market capitalisation of Paytm has crashed from the IPO valuation of Rs 1.5 lakh crore to Rs 54,057 crore as on February 18.

“The large size of Paytm’s IPO coupled with a complex business model and high valuation metrics dampened the performance post listing. Despite this, the IPO story of India races ahead and the IPOs which were launched after Paytm, such as Go Fashion and Tega Industries proved to be extremely successful,” said Mohit Ralhan, Managing Partner & Chief Investment Officer of TIW Private Equity.

The year 2022 is expected to witness IPOs from LIC, Ola, Byju’s and Delhivery. India is home to 79 unicorns; 42 emerged in 2021 alone. “India is the third-largest startup hub in the world and has developed a strong ecosystem of entrepreneurs and venture capital investors, supported by favourable government policies, which will continue to feed into India’s accelerating IPO boom. The story has just begun, and the future looks quite bright,” Ralhan said.

An investment banker said the fate of the IPO market is linked to the strength of the stock market. If the stock market remains volatile and shows major correction, some of the issuers might postpone their IPO plans. On top of this, if issuers price their IPOs at high levels without leaving anything on the table for retail investors, there are bound to be some post-listing disasters.

With the US Federal Reserve planning to hike rates and tighten the monetary policy, foreign portfolio investors (FPIs) have started exiting from newly listed IPOs along with secondary markets.

Market regulator SEBI is also concerned about valuations. The IPO market price discovery is not as “transparent and efficient” as secondary market price discovery, SEBI Chairman Ajay Tyagi said while addressing a CII summit in September last year. In a consultation paper last week, SEBI said new age companies should make disclosures about their valuations based on issuance of new shares and acquisition of shares in the past 18 months before filing draft offer documents.





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Everyday Economics: What is an IPO?


An IPO or initial public offering is the process by which a privately held company, or a company owned by the government such as LIC, raises funds by offering shares to the public or to new investors. Following the IPO, the company is listed on the stock exchange.

While coming with an IPO, the company has to file its offer document with the market regulator Securities and Exchange Board of India (Sebi). The offer document contains all relevant information about the company, its promoters, its projects, financial details, the object of raising the money, terms of the issue, etc.

Which companies can come out with an IPO?

In order to protect investors, Sebi has laid down rules that require companies to meet certain criteria before they can go to the public to raise funds. Among other conditions, the company must have net tangible assets of at least Rs 3 crore, and net worth of Rs 1 crore in each of the preceding three full years, and it must have a minimum average pre-tax profit of Rs 15 crore in at least three of the immediately preceding five years.

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Where do the proceeds of the IPO go?

If the issue raises fresh capital, the proceeds of the IPO go to the company, and can be utilised for future growth, expansion, debt reduction, etc. If the issue involves offer for sale by promoters or existing investors, then the money goes to them and not to the company. In the case of LIC, the issue is an offer for sale by the government, and the IPO proceeds will go to the Government of India.

Who fixes the price of securities in an issue?

The per-share price of the public issue is fixed by the issuer in consultation with the merchant banker. They arrive at the total valuation of the company based on parameters such as assets, revenues, profits, and future cash flow projections, and the total value of the company is then divided by the post-offer shares outstanding to arrive at the price of each share.

The regulator, Sebi, does not play a role in price fixation.

What are the advantages of listing a company?

While listing on the stock exchange calls for additional disclosures by companies on a regular basis, leading thereby to more stringent compliance requirements, it may help a company raise capital, and diversify and broaden its shareholder base.

Listing provides an exit to existing investors of the company. A listed company can raise share capital for growth and expansion in the future through a follow-on public offering or FPO.

Who can invest in an IPO?

There are various categories of investors who can invest in an IPO. Qualified institutional buyers (QIBs) is a category of investors that includes foreign portfolio investors (FPIs), mutual funds, commercial banks, insurance companies, pension funds, etc.

All individuals who invest up to Rs 2 lakh in an issue are classified as retail investors. Retail investors investing above Rs 2 lakh are classified as high net worth individuals.

You have to be 18 years of age to become an investor. A brokerage account is needed to invest, and you have to be at least 18 years old to have one.

What should you look for before investing?

The credibility of the promoter should be the top consideration. But investors must also do a financial analysis of the company, and compare it with peers in the same sector before investing in the IPO.

If there is a company in the same sector that is already listed, and if it has strong fundamentals and its shares are available at a competitive price, investors should consider that as well, rather than going for the public issue of a company that is proposing to list.

Investors must follow QIBs, who are perceived to have the expertise for assessment and evaluation, and a greater ability to do due diligence.

These institutional investors invest in the first few days of the issue opening, and retail investors, who have a wider window for investing, can assess the demand from the interest shown by the QIBs, and can simply follow them. If QIBs show a lot of interest, retail investors can go for the issue. If the QIBs are cold, it is better to avoid.





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LIC policyholders need to update PAN details by Feb 28 to participate in IPO


On February 13, the state-run insurer filed draft papers with capital market regulator Sebi for sale of 5 per cent stake by the government for an estimated Rs 63,000 crore.

The initial public offering (IPO) of over 31.6 crore shares or 5 per cent government stake is likely to hit the market in March and employees and policyholders of the insurance behemoth would get a discount over the floor price.

“A policyholder of our Corporation shall ensure that his / her PAN details are updated in the policy records of our Corporation at the earliest.

“A policyholder who has not updated his / her PAN details with our Corporation before expiry of two weeks from the date of the filing of this DRHP with SEBI (i.e., by February 28, 2022) shall not be considered as an Eligible Policyholder,” as per the DRHP. The PAN updation can be done on LIC’s website either directly or with the help of agents.

It further said policyholders having one or more policies of LIC as on the date of the DRHP and bid / offer opening date and who are residents of India would be eligible to apply in this offer, under the Policyholder Reservation Portion.

The aggregate of reservation for eligible policyholders shall not exceed 10 per cent of the total offer size. The portion of the offer available for allocation to eligible policyholders on a proportionate basis is subject to the receipt of necessary approvals from the government.

LIC issued approximately 21 million individual policies in FY 2021, accounting for nearly 75 per cent of new individual policy issuances.

The IPO is offer for sale (OFS) by the Government of India. There is no fresh issue of shares by LIC. The government holds 100 per cent stake or over 632.49 crore shares in LIC. The face value of shares is Rs 10 apiece.

The LIC public issue would be the biggest IPO in the history of the Indian stock market. Once listed, LIC’s market valuation would be comparable to top companies like RIL and TCS.

The IPO of LIC is expected by March and the proceeds would be crucial to meet the revised disinvestment target of Rs 78,000 crore in the current fiscal.

LIC’s share capital was raised from Rs 100 crore to Rs 6,325 crore during September last year to help facilitate the IPO.

Last month, LIC reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period. Its new business premium growth rate stood at 554.1 per cent in the first half of 2021-22, compared with 394.76 per cent during the year-ago period.





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Logistics firm TVS Supply Chain seeks regulatory approval to launch IPO



TVS Supply Chain Solutions Ltd. has sought the Indian market regulator’s approval to raise as much as 20 billion rupees ($264 million) selling new shares in an initial public offering.


The company’s existing shareholders, including founder TVS Mobility Pvt. and investors Gateway Partners and Tata Capital Financial Services Ltd., plan to sell as many as 59.48 million shares in the IPO, according to a draft prospectus. The Chennai-based company plans to repay some of its debt, and buy out minority shareholders in its U.K. unit from the proceeds.





TVS Supply Chain, which counts Mahindra & Mahindra Ltd., Daimler India Commercial Vehicles Pvt., Sony India Pvt. and Hyundai Motor India Ltd. among its customers in India, has a presence in the U.K., Spain, Germany, Australia and Singapore.


Direct spending in the Indian logistics market is estimated to double to $365 billion by the year to March 2026, TVS Supply Chain said in its draft prospectus, citing data from consultant RedSeer.


JM Financial Ltd., Axis Capital Ltd., J.P. Morgan India Pvt., BNP Paribas, Edelweiss Financial Services Ltd. and Equirus Capital Pvt. are the banks managing the share sale.


Delhivery Ltd., another Indian logistics firm, received the market regulator’s approval last month for an initial share sale to raise as much as 74.6 billion rupees.


It has yet to begin the share sale while state-run Life Insurance Corp. of India is due to submit its draft prospectus to the capital market regulator soon for a share sale in what is expected to be the nation’s biggest IPO.

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