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The government plans to raise Rs 21,000 crore by diluting a 3.5 per cent stake in LIC.
New Delhi:
Life Insurance Corporation of India’s (LIC’s) Rs 21,000 crore IPO, India’s largest public issue, was subscribed 81 per cent on the second day of bidding so far on Thursday. The initial share sale, which will remain open for an extra day on Saturday (May 7), will close on May 9. LIC shares will be listed at the stock exchanges on May 17.
Here’s Your 10-Point Cheat-Sheet To This Big Story:
As of 12:18 pm, investors bid for 13.17 crore shares, compared with the total 16.20 crore shares on offer, with the portions reserved for employees and policyholders already fully subscribed, exchange data showed.
The portion set aside for policyholders was subscribed 2.47 times, employees by 1.63 times, retail investors by 0.75 times, non-institutional investors by 0.32 times and qualified institutional buyers by 0.34 times.
The price range for the issue has been set between Rs 902 and Rs 949 per share.
The subscription is offering a discount to employees and retail investors of Rs 45 per share. LIC policyholders will be offered a discount of Rs 60 per share.
The government plans to raise Rs 21,000 crore by diluting a 3.5 per cent stake in LIC.
For an IPO, the valuation would be the highest ever in the Indian market. Before this, the highest fundraise was seen in Paytm IPO last year at Rs 18,300 crore and Coal India in 2010 at Rs 15,200 crore.
The country’s largest insurer reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing market condition.
LIC has been informing about the IPO for several months through various channels, including print and TV advertisements. It has also approached its policyholders through SMS and other medium to inform them about the share sale.
The insurer had garnered around Rs 5,627 crore from anchor investors ahead of the IPO.
LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.
For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here
LIC chairman has said that IPO’s pricing is attractive
New Delhi:
Life Insurance Corporation’s (LIC) initial public offer’s (IPO) pricing is very attractive and investors can look forward to returns in the years to come as the company has potential for growth, LIC Chairman M R Kumar said on Friday.
More than the embedded value one should look at the value for new business (VNB) going forward, and it should reach 12-13 in the future, he said in an interview.
VNB margin is what investors would be looking at and it is 9 for LIC at present, he said.
On whether there is enough money on the table, he said, “It is based on the perception of the market. LIC is starting at low VNB and has potential to grow”.
VNB is the present value of expected future earnings from new policies written during a specified period. It reflects the additional value expected to be generated through the writing of new policies during a specified period.
At these price levels, LIC IPO is valued at 1.11 times its embedded value compared to 0.21 of China Insurance or 0.54 of Ping An Insurance.
When pointed out that the previous listing of two insurance firms – New India Assurance and GIC Re – have not generated returns for investors, Mr Kumar said they are into different businesses and margins are wafer-thin there.
The issue price of New India Assurance was Rs 800 per share while for GIC Re it was Rs 912 per unit. However, their shares are trading at Rs 119.15 and 130.15, respectively.
These two public sector insurance firms were listed in 2017.
Defending the reduction of LIC IPO size to 3.5 per cent from 5 per cent earlier, he said it is the right size considering the capital market environment and expects significant retail participation in one of the most valuable corporations in India.
Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.
So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here
LIC IPO: Government is offering discount to LIC policy holders for subscribing the public offer
The long-awaited initial public offer (IPO) of Life Insurance Corporation of India (LIC) is scheduled to open on May 2 for anchor investors and for retail investors between May 4 and May 9.
Considered to be the country’s biggest public offer till date, the LIC IPO will be in the price band of Rs 902-949.
Last week, LIC’s board had okayed a cut in the IPO issue size to 3.5 per cent from 5 per cent, and the government is now expected to sell 3.5 per cent of its stake in LIC for Rs 21,000 crore.
Government is also offering discount for policy holders who want to subscribe to the public offer.
It has announced Rs 60 per equity share discount to those applicants having LIC policy.
However, only those LIC policy holders will be eligible for this discount who bought their policy on or before April 13, 2022, the day LIC had filed its draft red herring prospectus with Securities and Exchange Board of India (SEBI).
For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here
