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The mega initial public offering (IPO) of Life Insurance Corporation (LIC) received a strong response from investors with 67 per cent of the shares getting sold out on Wednesday, the first day of bidding, despite the stock market plunging 2.29 per cent after the Reserve Bank of India hiked interest rates.
LIC policyholders led the subscription list, with their quota subscribed 1.99 times (199 per cent). The portion for employees was subscribed 117 per cent. The retail investors portion, meanwhile, was subscribed 60 per cent, according to stock exchange data.
While 2.21 crore shares were allotted for policyholders, there were bids for 4.40 crore shares. Employees bid for 18.53 lakh shares against their quota of 15.81 lakh shares.
The first day’s response from investors for the IPO has been strong despite the RBI’s rate hike which came after the market opened. The 1,307-point Sensex fall did not affect the IPO much, analysts said.
Non-institutional investors subscribed 27 per cent of their portion while qualified institutional buyers (QIBs) bought 33 per cent of their allotted quota of 3.95 crore shares. QIBs normally put in their bids on the last day of the IPO, investment bankers said.
Overall, there were bids for 10.86 crore shares as against the total IPO size of 16.20 crore shares on the first day, exchanges said. 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.
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.
LIC mobilised Rs 5,627 crore from anchor investors on Monday. Four equity schemes of SBI MF invested the amount, with SBI Equity Hybrid Fund alone putting in Rs 518.99 crore, according to data available with exchanges.
Seven schemes of ICICI Prudential Mutual Fund invested Rs 725 crore in the LIC IPO. HDFC Mutual Fund was allocated shares worth Rs 525 crore. Aditya Birla Sun Life MF, Axis Mutual Fund, Kotak MF, L&T MF and Nippon India MF, among others, also invested in the anchor portion.
Among foreign funds, BNP Investments LLC was allocated shares worth Rs 449.99 crore. Govt Pension Fund Global of Norway invested Rs 224.99 crore. The government of Singapore invested Rs 151.67 crore and the Monetary Authority of Singapore put in Rs 38.32 crore.
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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.
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LIC on Wednesday priced its IPO, the largest in the history of the capital market despite a reduction in size, at Rs 902-949 per share. LIC has offered a discount of Rs 60 for policyholders and Rs 45 for retail investors and employees. The IPO will open on May 4 and close on May 9.
The government will sell 22.13 crore shares through the offering. The anchor book will open on May 2, and the issue will open for retail investors two days later. Investors can bid in multiples of 15 shares. 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 portfolio investors (a net of Rs 1,48,078 crore since the beginning of December 2021) affected the stock markets.
How should investors view the issue?
A couple of leading mutual fund managers said the reduction in valuation has made the issue attractive. “While there is a lot of inherent strength in the company and there are growth prospects, the valuations too seem fine now after the revisions. As the market is not witnessing a mad bull run that was being seen over the last year, there is a possibility that investors may not get immediate listing gains. But it will generate decent returns over the next three to four years,” a leading fund manager said.
“There is a lot of strength in the company. There are many categories where LIC is not present on the business front, and so there is a lot of scope for it to explore these and grow. As LIC had a monopoly, one can only lose market share from such a position. It is, however, important to note that the company still maintains around a 60% market share and it could be a good company to invest with a medium- to long-term view,” said another fund manager.
Some see the listing as part of a strategic vision of the government aimed at long-term value creation for shareholders. “Our take is that we won’t be able to determine the true value in the case of LIC as it is a very big entity in itself. There are two ways to look at it: one in the present case where everyone is buying policies to safeguard themselves from uncertainties… second, due to huge buying power in the hands of consumers, the margins might reduce. One can subscribe with a long-term perspective,” said Manoj Dalmia, founder and director, Proficient Equities Limited.
How does the valuation compare with that of other insurers?
Yash Gupta, analyst at Angel One Ltd, said that at the offer band, the IPO is valued at a Price/Embedded Value (P/EV) of 1.06-1.1 on its September 2021 EV of Rs 539,686 crore, which is at a significant discount compared to the P/EV for listed private life insurance companies. HDFC Life Insurance is trading at a P/EV of 3.9, SBI Life at 3.2, and ICICI Pru Life at 2.5 on their respective December 21 EVs.
“Although LIC valuations appear to be cheap compared to listed private players, investors need to keep in mind that LIC has a lower VNB margin (value of new business) of 9.9% in FY2021 compared to private players that have VNB margins of 22-27% due to higher share of participation and group products. Despite lower margins and inferior business mix, we believe that the IPO is being priced reasonably and offers value to investors with a long-term view,” Gupta said.
There is, however, a section of the market that is not fully convinced about the valuation. “The ongoing volatility in stock markets due to the Russia-Ukraine war has forced the government to cut the issue size to 3.5%. However, the price band is kept on the higher side, which is not an attractive price for adequate return growth. We recommend that investors may subscribe for listing day gains and wait for lower levels for long-term investment,” said Ravi Singh, Vice-President and Head of Research, ShareIndia.
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management, said, “This is a fair and attractive valuation… We want to champion LIC as a long-term value creator in the equity markets.” He said the issue is right-sized considering the capital market environment and will not crowd out capital and monetary supply even under the current constraints.
How big is LIC?
LIC, formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore, now manages around Rs 40 lakh crore assets. It is the fifth largest life insurer globally and the largest asset manager in the country. As on December 31, 2021, it covered 91% of all districts and had 1.33 million individual agents, and had a market share of 61.6% in terms of premiums or GWP, 61.4% in terms of New Business Premium, 71.8% in terms of number of individual policies issued, and 88.8% in terms of number of group policies.
What are the advantages of listing?
LIC’s profile will get a boost. Investors can trade in its shares or keep them long-term. LIC will become more transparent and answerable to shareholders for any mismanagement. It will have to follow the listing guidelines of stock exchanges and SEBI regulations.
While Pandey has ruled out a follow-on issue in the current financial year, markets are expecting more offers in the next financial year. Moreover, the insurtech industry will benefit. “Most of the public insurers in the country were still evaluating digitisation of customer journeys, which will get a boost post the LIC IPO,” said Surjendu Kuila, co-founder and CEO, Zopper.
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.
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life insurance policy in Hindi | life insurance kya hai | life insurance corporation of india
Best Insurance Policy in India 2022 | Family Insurance Plans 2022 | With Examples
Chaliye Dosto Baat Karte Hai Lic Jeevan Lakshya 933 Ke Bare Me Aur Pura Video Details Hindi Me Hai.
Welcome to Bima Hut
I am Sukhwinder Singh
Queries Solved
1. Benefits can be used for girl child or boy child
2. How can we unsure our family future security
3. Age Bar
4. Minimum to Maximum Amount of Sum Assured
5. In case of Death
6. Maturity Amount and Bonus
7. Death Claim Amount
This is for both girl and boy, I haven’t seen any other Insurance Companies giving this powerful Family Finance Security Policy.
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Example :=
Rs, 10 Lakh Sum Assured.
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For Example.
We have Mr. Me. age 30 who wishes to buy this plan. He goes in for the plan with the following:
Sum Assured – Rs. 2,00,000
Term – 25 years
Premium Payment Term = 25 – 3 = 22 years
Based on these parameters, his annual premium is Rs. 8,645 + Taxes = Rs. 9,034. Here we have assumed the current tax rate of 4.5%.
Death Benefit
Scenario 1 : If Mr. Me. dies after 4 policy years.
In 4 years, he would have paid Rs. 36,136 as premiums. The Sum Assured of his plan is Rs. 2,00,000.
His nominee will get the following benefits:
• Annual Income Benefit of 10% of Sum Assured – Rs. 20,000. At the end of the 4th year, the nominee will get Rs. 20,000. This amount would be paid every year till the end of the 24th year.
• 110% of Sum Assured – Rs. 2,20,000. At the end of the 25th year the nominee will get Rs. 2,20,000
• Along with the Rs. 2,20,000 the Simple Reversionary Bonus which has accrued in the plan along with any Final Addition Bonus will also be paid to the nominee.
Scenario 2 : If Mr. Me. dies after 15 policy years
In 15 years, he would have paid Rs. 1,35,510 as premiums. The Sum Assured of his plan is Rs. 2,00,000.
His nominee will get the following benefits:
• Annual Income Benefit of 10% of Sum Assured – Rs. 20,000. At the end of the 15th year, the nominee will get Rs. 20,000. This amount would be paid every year till the end of the 24th year.
• 110% of Sum Assured – Rs. 2,20,000. At the end of the 25th year the nominee will get Rs. 2,20,000.
• Along with the Rs. 2,20,000 the Simple Reversionary Bonus which has accrued in the plan along with any Final Addition Bonus will also be paid to the nominee.
Maturity Benefit
Scenario 3 : If Mr. Me. survives till the end of the policy term of 25 years – Mr. Me. will get the Sum Assured + Simple Reversionary Bonus + Final Addition Bonus as declared.
Total Premiums Paid = Rs. 1,98,748
Sum Assured = Rs. 2,00,000
Let us assume that a Simple Reversionary Bonus of Rs. 49 per 1,000 Sum Assured. There is no guarantee that this will be the bonus rate for all years.
Simple Reversionary Bonus = 49 x 2,00,000 / 1,000 for 25 years = Rs. 2,45,000
Again, let us assume a Final Addition Bonus of Rs.
So Sumit will get Rs. 2,00,000 + Rs. 2,00,000 + Rs. 1,00,000 = Rs. 3,00,000
Thank you for Watching my video
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LIC IPO | LIC | LIC IPO Kya Hai | LIC Policy Check Kaise Kare | LIC IPO in Hindi
In this video we are going to share everything about the LIC IPO in Hindi .
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Stock markets have taken a beating over the last 10 days following the Russian invasion of Ukraine. As oil prices continue to rise, the Sensex has lost 3.7% in the five trading sessions since February 24. This has raised concerns about the initial public offering (IPO) market, particularly upcoming IPOs, with 51 companies having received market regulator SEBI’s approval for their IPOs. While the IPO market witnessed a boom in 2021, investors need to be wary about upcoming issues, and should instead look at already listed companies that have good fundamentals.
If the Ukraine conflict drags on and crude prices remain elevated, there’s a possibility that the stock markets will remain subdued. As the IPO market is linked to the performance of the stock market, issuers are likely to wait for a better time — until the Ukraine conflict ends and stock markets stabilise, investment bankers said. The LIC public issue, through which the government planned to raise around Rs 60,000 crore, is expected to get deferred now. Experts say that even if a company comes out with a public issue, it may not see the enthusiasm seen over the last one year, and the returns too may be limited.
How have recent issues performed?
Over the last 11months, 50 companies managed to raise over Rs 1.1 lakh crore from the equity markets — the highest mobilisation in a year. Retail investors queued up in large numbers and many returned empty-handed as the issues got mobbed; some of them even got subscription of over 100 times.
The performance of the issues shows why the investor needs to be careful. While 22 of the 50 issues launched this financial year are trading below their issue price, nine generated returns of less than 11% – the Sensex gain since April 1, 2021. Some new-age companies have fallen in the market volatility recently.
Should you invest in new companies?
Market experts say investors need to be very careful about these. Currently, One 97 Communications (PayTM) is trading at a discount of 63% to its issue price, and Car Trade Tech at a discount of 65.8%. FSN E-Commerce Ventures (Nykaa), which hit a high of Rs 2,574 over its issue price of Rs 1,125, closed at Rs 1,502 on Thursday — a premium of 33.6% over the issue price. Zomato, which saw its share price more than double after listing, is trading at a premium of 8.1% over its issue price.
Experts feel that while these new-age technology companies demanded high premium and benefited from market liquidity and investor enthusiasm, sentiments are tapering. “Globally, there is lot of irrationality around start-ups. It is important to understand that when the market corrects, the investor confidence gets shaken even if a company declares a decline in profits in one quarter. So, in most of these companies where profitability is not visible for the next five years, it is very tough for an investor to stay invested, and that is what has been happening over the last couple of months,” said the head of research with a leading financial services firm.
Should you go for current IPOs?
After the buoyancy over the last 11 months, equity markets are expected to remain volatile in the near future on various accounts: global inflation concerns, withdrawal of global liquidity, rise in bond yields and interest rates — and now geopolitical tensions and rising crude oil prices. Upcoming issues may not be able to match the interest received by those launched over the last 11 months.
While that may limit listing gains, investors can go for companies that have a sound business model and growth potential. Relatively weak equity markets would also mean that the issues may be more reasonably priced, which is good for investors.
Is high subscription a good indicator?
In many cases, it holds true. If the qualified institutional segment gets strong subscription, it indicates institutional investors, who have the resources to do due diligence, are comfortable with the company’s prospects.
However, in several issues in the last 11 months, this has not been the case. Krsnaa Diagnostics Limited, whose issue had an oversubscription of more than 64 times, is currently trading at 41.5% below its issue price. Windlas Biotech, oversubscribed over 22 times, is trading 47% below its issue price.
What should investors look at?
An IPO is a derivative of the secondary market. If the secondary markets are strong, investor sentiments are high, and IPOs tend to fare well. However, that is not true for all cases. Investors need to thoroughly study the company — quality of promoters, business fundamentals, and financial and peer review analyses. Corporate governance practices should be given top priority. Investors must study other listed companies in the sector and compare their growth, and their PE ratio (market price to earnings per share). If the company coming with its IPO is demanding a higher valuation, they can choose to skip the issue.
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With the Russia-Ukraine war roiling financial markets globally, the government may defer the mega IPO of LIC and wait for an opportune time to get the maximum value of its holding in the state-owned insurance behemoth, sources said.
“It’s a full blown war now so we will have to assess the situation for going ahead with the LIC IPO,” a government source said.
Finance Minister Nirmala Sitharaman too had indicated review of the IPO in view of the evolving geopolitical situation.
“Ideally, I would like to go ahead with it because we had planned it for some time based purely on Indian considerations,” Sitharaman had said in an interview with the Hindu Business Line. “But if global considerations warrant that I need to look at it, I would not mind looking at it again.” The IPO was expected to hit the market this month.
The Russia-Ukraine war entered its seventh day on Wednesday, with fighting intensifying in Ukrainian capital Kyiv and other big cities.
The government was expecting to garner Rs 63,000 crore by selling 5 per cent stake in the life insurance firm to meet the curtailed disinvestment target of Rs 78,000 crore in the current fiscal.
If the initial public offering (IPO) is deferred to the next fiscal, the government would miss the revised disinvestment target by a huge margin.
So far, the government has raised Rs 12,030 crore through CPSE disinvestment and Air India’s strategic sale this fiscal.
The government had earlier projected to garner Rs 1.75 lakh from disinvestment during 2021-22.
The IPO is offer for sale (OFS) by the Government of India and 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 Indian stock market. Once listed, LIC’s market valuation would be comparable to top companies like RIL and TCS.
So far, the amount mobilised from 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.
Last week, the government had permitted up to 20 per cent foreign direct investment (FDI) under automatic route in IPO-bound LIC with an aim to facilitate disinvestment of the country’s largest insurer.
The decision in this regard was taken by the Union Cabinet, chaired by Prime Minister Narendra Modi.
Foreign investors may be desirous of participating in the mega IPO. However, the existing FDI policy did not prescribe any specific provision for foreign investment in LIC, which is a statutory corporation established under the LIC Act, 1956.
Since as per the present FDI policy, the foreign inflows ceiling for public sector banks is 20 per cent under government approval route, it has been decided to allow foreign investment of up to 20 per cent for LIC and such other corporate bodies.
Further, in order to expedite the capital raising process, such FDI has been kept under the automatic route, as in the case of the rest of the insurance sector, a source said.
Setting the stage for the country’s biggest-ever public offering, LIC on February 13 filed draft papers with capital market regulator Sebi.
The IPO of over 31.6 crore shares or 5 per cent government stake was likely to hit D-street in March. Employees and policyholders of the insurance behemoth would get a discount over the floor price.
According to the draft red herring prospectus (DRHP), LIC’s embedded value, which is a measure of the consolidated shareholders value in an insurance company, has been pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.
Although the DRHP does not disclose the market valuation of LIC, as per industry standards it would be about three times the embedded value or around Rs 16 lakh crore.
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Prospective investors in Life Insurance Corp of India’s (LIC) $8 billion IPO are seeking assurances from company management that it will not sacrifice their interests to meet the goals set out by the government, its controlling shareholder, sources said.
In virtual roadshows for India’s biggest ever public listing, LIC management and the IPO bankers have been peppered with questions about the insurer’s past investments and their quality, four people with knowledge of the matter said.
LIC has in recent years been a key buyer of shares in state-owned firms sold off by New Delhi, often bailing out less-than-successful public issues of shares. It has also been tapped to rescue struggling financial institutions.
Potential conflicts of interest issues are taking centre-stage in the IPO roadshows that began last week and are expected to go on till the end of the month, the sources said.
“The government tends to act as a regulator, manager and shareholder and it tends to get its position confused at different points of time,” said Shriram Subramanian, founder of proxy advisory firm InGovern, who has not attended the roadshows.
“The government ministries may tend to think that LIC is 100% under their control and would like to exert that kind of an influence whenever required and that is a concern for investors,” Subramanian added.
How effectively LIC and its investment bankers are able to address the investor concerns will help in determining the insurer’s valuation in the float, and consequently the state of finances of the Indian government which is banking on proceeds from the IPO to plug an annual fiscal deficit hole.
The Finance Ministry did not respond to emails seeking comment while LIC declined. The sources declined to be identified as the discussions are private.
In its draft prospectus, the insurer cited involvement of the government, which owns 100% of LIC now and is expected to own about 95% after the IPO, as a risk factor and said that minority shareholders could be disadvantaged by government action.
LIC chairman M R Kumar told a news conference on Monday that potential investors should not worry about government control post the IPO as decisions are taken by its board and not by the government.
PARALLELS TO COAL INDIA?
LIC, which was formed six decades ago when India’s insurance sector was nationalised, straddles the business in the country, with more than 280 million policies and over 60% of the insurance segment.
It is also a big investor, owning as of March last year 23.5 trillion rupees ($315 billion) worth of government securities, higher than even the central bank, out of the total central and state government securities worth 115.2 trillion rupees, according to the prospectus.
In 2019, it took over troubled IDBI Bank as the government struggled to find a viable buyer for the lender whose shares had tanked and nearly a third of its book had gone bad.
LIC said in its draft papers that it may have to infuse more capital into IDBI Bank even though it has been pursuing a buyer for its more than 50% stake in the lender. Some market analysts and fund managers are drawing parallels of LIC with Coal India, which made its market debut in 2010 and, despite being a monopoly, has lost over half its equity value.
In its last earnings call, Coal India chairman and managing director Pramod Agrawal said one of the reasons for its current low market valuation could be because sometimes government takes steps that are not appreciated by shareholders.
“If LIC makes decisions that are not beneficial for the shareholders then they will raise concerns,” said Ashvin Parekh, an independent financial services consultant.
“We have seen that happen earlier when Children Investment Fund exited from state-owned Coal India after listing as it had concerns over what the majority shareholder was doing and LIC could also face similar pushbacks from its shareholders.”
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