LIC IPO Open Live: LIC building in New Delhi, Wednesday, May 4, 2022. (PTI Photo)LIC IPO Highlights: The blockbuster initial public offering (IPO) of Life Insurance Corporation of India (LIC), the country’s largest life insurer, was subscribed 2.95 times by the end of sixth and final day of bidding. The issue had opened on Wednesday and got fully subscribed towards the end of the second day (Thursday).
At 7:00 pm, the policyholders portion was subscribed 6.12 times while the employees segment was subscribed 4.40 times, the data from the National Stock Exchange (NSE) showed. Apart from these two segments, the qualified institutional buyers (QIBs) quota was subscribed 2.83 times, the non institutional investors was subscribed 2.91 times and the retail segment was subscribed 1.99 times, the data on Monday showed.
The LIC IPO was available for public subscription from Wednesday till 7 pm today (May 9, 2022). The offer also remained open this past weekend to enable people to participate. This was perhaps for the first time a special dispensation is granted to any public offer. The price band of LIC IPO is Rs 902-949 per share and the company offered a discount of Rs 60 per share for its policyholders and Rs 45 apiece for retail investors and LIC employees.
India’s largest initial public offering (IPO) of insurance sector behemoth Life Insurance Corporation of India (LIC), which was launched last Wednesday met with a positive response by the investors across the board as it got subscribed 2.95 times on the final day, according to the data available on the BSE.
The Rs 21,000 crore offer received bids for over 47.83 crore (47,83,67,010) shares against the total issue size of over 16.20 crore (16,20,78,067) shares, the data showed.
The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 2.83 times, while those of non institutional investors was subscribed 2.91 times and that of retail individual investors (RIIs) was subscribed 1.99 times, the data showed. Apart from these, the policyholders portion was subscribed 6.11 times while the employees segment was subscribed 4.39 times. Click here to read
LIC IPO Subscription Update as of 6:00 PM on Last Day (Day 6)
Qualified Institutional Buyers (QIBs) subscribed 2.83 times
Non Institutional Investors subscribed 2.91 times
Retail Individual Investors (RIIs) subscribed 1.98 times
Employees subscribed 4.38 times
Policyholders subscribed 6.10 times
Total subscribed 2.95 times
Source: NSE
LIC IPO Subscription Update as of 4:33 PM on Last Day (Day 6)
Qualified Institutional Buyers (QIBs) subscribed 2.83 times
Non Institutional Investors subscribed 2.90 times
Retail Individual Investors (RIIs) subscribed 1.96 times
Employees subscribed 4.33 times
Policyholders subscribed 6.02 times
Total subscribed 2.92 times
Source: NSE
LIC IPO Subscription Update as of 3:30 PM on Last Day (Day 6)
Qualified Institutional Buyers (QIBs) subscribed 2.82 times
Non Institutional Investors subscribed 2.61 times
Retail Individual Investors (RIIs) subscribed 1.93 times
Employees subscribed 4.29 times
Policyholders subscribed 5.95 times
Total subscribed 2.84 times
Source: NSE
LIC IPO Subscription Update as of 2:36 PM on Last Day (Day 6)
Qualified Institutional Buyers (QIBs) subscribed 2.22 times
Non Institutional Investors subscribed 2.12 times
Retail Individual Investors (RIIs) subscribed 1.85 times
Employees subscribed 4.20 times
Policyholders subscribed 5.73 times
Total subscribed 2.55 times
Source: NSE
Foreign institutional investors have on the whole steered clear of India’s biggest share sale, deeming it too expensive given currency risks and the global market backdrop.
With just hours to go until the end of the subscription period for the $2.7 billion initial public offering of Life Insurance Corporation of India, foreign institutional funds have put in orders for merely 8% of the shares set aside for all institutional buyers. Click here to read
LIC IPO Subscription Update as of 1:36 PM on Last Day (Day 6)
Qualified Institutional Buyers (QIBs) subscribed 1.73 times
Non Institutional Investors subscribed 1.84 times
Retail Individual Investors (RIIs) subscribed 1.80 times
Employees subscribed 4.13 times
Policyholders subscribed 5.59 times
Total subscribed 2.33 times
Source: NSE
LIC IPO Subscription Update as of 12:30 PM on Day 6
Qualified Institutional Buyers (QIBs) subscribed 1.18 times
Non Institutional Investors subscribed 1.51 times
Retail Individual Investors (RIIs) subscribed 1.75 times
Employees subscribed 4.05 times
Policyholders subscribed 5.46 times
Total subscribed 2.09 times
Source: NSE
LIC IPO Subscription Update as of 11:30 AM on Day 6
Qualified Institutional Buyers (QIBs) subscribed 1.12 times
Non Institutional Investors subscribed 1.35 times
Retail Individual Investors (RIIs) subscribed 1.70 times
Employees subscribed 3.98 times
Policyholders subscribed 5.33 times
Total subscribed 2.01 times
Source: NSE
LIC IPO Subscription Update as of 10:33 AM on Day 6
Qualified Institutional Buyers (QIBs) subscribed 1.07 times
Non Institutional Investors subscribed 1.30 times
Retail Individual Investors (RIIs) subscribed 1.64 times
Employees subscribed 3.87 times
Policyholders subscribed 5.18 times
Total subscribed 1.95 times
Source: NSE
LIC IPO Subscription Update as of 7:00 PM on Day 5
Qualified Institutional Buyers (QIBs) subscribed 0.67 times
Non Institutional Investors subscribed 1.24 times
Retail Individual Investors (RIIs) subscribed 1.59 times
Employees subscribed 3.79 times
Policyholders subscribed 5.04 times
Total subscribed 1.79 times
Source: NSE
The portion of LIC's initial public offering earmarked for non-institutional investors, including high net-worth individuals, has been subscribed fully on the fourth day on Saturday. Against the total 2,96,48,427 shares reserved for Non-Institutional Investors (NII), 3,06,73,020 bids were received resulting in subscription of 1.03 times, according to data posted on stock exchanges at 4:36 pm. PTI
"At the upper price band of ?949, Life Insurance Corporation of India is demanding a PE multiple of ~201.91X based on FY21 earning which is much higher than the industry average PE multiple of 79.77X of FY21. This might look expensive, but if we look at the company’s Indian Embedded Value of ?5,39,686 crores as on September 30, 2021, the Market Cap to Embedded Value (EV) Ratio comes in at just 1.11X. It’s peers like HDFC Life Insurance and SBI Life Insurance are trading at an EV multiple of 4.05x and 3.10x, while ICICI Prudential Life trades at 2.5x EV multiple. Looking at the strong brand value, market leadership, extensive distribution networks, robust risk management and plans of diversifying the product mix we recommend subscribe to the issue with a long-term perspective."
Source: IPO Note
Qualified Institutional Buyers (QIBs) subscribed 0.67 times
Non Institutional Investors subscribed 0.80 times
Retail Individual Investors (RIIs) subscribed 1.32 times
Employees subscribed 3.29 times
Policyholders subscribed 4.25 times
Total subscribed 1.48 times
LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer. This is perhaps for the first time the special dispensation is granted to any public offer.
The issue period also includes bidding on Saturday, May 7, 2022 and Sunday, May 8, 2022, LIC informed exchanges. Earlier bidding was allowed on May 7 (Saturday) only.
To facilitate this, Reserve Bank of India (RBI) directed all ASBA-designated bank branches to remain open for public on Sunday to facilitate processing of applications for LIC's initial public offering.
Qualified Institutional Buyers (QIBs) subscribed 0.56 times
Non Institutional Investors subscribed 0.76 times
Retail Individual Investors (RIIs) subscribed 1.23 times
Employees subscribed 3.06 times
Policyholders subscribed 4.01 times
Total subscribed 1.38 times
LIC IPO Subscription Update as of 5:15 PM on Day 3
Qualified Institutional Buyers (QIBs) subscribed 0.55 times
Non Institutional Investors subscribed 0.69 times
Retail Individual Investors (RIIs) subscribed 1.19 times
Employees subscribed 2.96 times
Policyholders subscribed 3.89 times
Total subscribed 1.33 times
Source: NSE
LIC IPO Subscription Update as of 2:15 PM on Day 3
Qualified Institutional Buyers (QIBs) subscribed 0.41 times
Non Institutional Investors subscribed 0.58 times
Retail Individual Investors (RIIs) subscribed 1.10 times
Employees subscribed 2.74 times
Policyholders subscribed 3.61 times
Total subscribed 1.20 times
Source: NSE
LIC IPO Subscription Update as of 12:45 PM on Day 3
Qualified Institutional Buyers (QIBs) subscribed 0.41 times
Non Institutional Investors subscribed 0.54 times
Retail Individual Investors (RIIs) subscribed 1.06 times
Employees subscribed 2.61 times
Policyholders subscribed 3.51 times
Total subscribed 1.16 times
Source: NSE
LIC IPO Subscription Update as of 11:39 AM on Day 3
Qualified Institutional Buyers (QIBs) subscribed 0.40 times
Non Institutional Investors subscribed 0.51 times
Retail Individual Investors (RIIs) subscribed 1.02 times
Employees subscribed 2.48 times
Policyholders subscribed 3.37 times
Total subscribed 1.11 times
Source: NSE
LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer. This is perhaps for the first time the special dispensation is granted to any public offer.
The issue period also includes bidding on Saturday, May 7, 2022 and Sunday, May 8, 2022, LIC informed exchanges. Earlier bidding was allowed on May 7 (Saturday) only.
To facilitate this, Reserve Bank of India (RBI) directed all ASBA-designated bank branches to remain open for public on Sunday to facilitate processing of applications for LIC's initial public offering.
On Thursday, the LIC IPO got fully subscribed on Day 2 of the subscription towards the last hour. It eventually ended getting 1.03 times subscribed at the end of Day 2, as per the data available on the stock exchanges.
The policyholders segment was subscribed 3.11 times while the employees portion was subscribed 2.22 times, the data at the end of the day showed. Apart from these, the portion for qualified institutional buyers (QIBs) was subscribed 0.40 times, the non institutional investors was subscribed 0.47 times and the retail segment was subscribed 0.93 times, it showed.
LIC IPO Subscription Update as of 10:15 AM on Day 3
Qualified Institutional Buyers (QIBs) subscribed 0.40 times
Non Institutional Investors subscribed 0.48 times
Retail Individual Investors (RIIs) subscribed 0.97 times
Employees subscribed 2.29 times
Policyholders subscribed 3.21 times
Total subscribed 1.06 times
Source: NSE