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LIC IPO subscribed 2.95x overall on the last day; garners demand of over Rs45,000 crore

Life Insurance Corporation of India’s initial public offering was subscribed 2.95 instances on its remaining day of bidding. The problem opened for subscription on Wednesday, Might 4, 2022 noticed a robust responses from all investor classes, significantly its policyholders who’ve single handedly subscribed to 60% of its Problem measurement, adopted by the retail buyers and different investor classes

The portion reserved for eligible coverage holders was subscribed 6.12 instances, reservation for eligible staff was subscribed 4.40 instances, Retail Class was subscribed 1.99 instances; the non-institutional class witnessed subscription of two.91 instances and certified institutional patrons class noticed subscription of two.83 instances

The supply obtained bids for 47,83,67,010 shares in opposition to the supplied 16,20,78,067 fairness shares (excluding shares supplied to anchor buyers), as per the 7:00 pm information accessible on the bourses. The IPO is thru an offer-for-sale (“OFS”) of as much as 221,374,920 Fairness Shares of Face Worth of Rs 10 every.

India’s largest life insurer, LIC had a market share of 61.6% by way of premiums or GWP, 61.4% by way of New Enterprise Premium (or NBP), 71.8% by way of variety of particular person insurance policies issued, and 88.8% by way of variety of group insurance policies issued, for the 9 months ended December 31, 2021

Kotak Mahindra Capital Firm Restricted, Axis Capital Restricted, BofA Securities India Restricted, Citigroup World Markets India Non-public Restricted, JM Monetary Restricted, J.P. Morgan India Non-public Restricted, Goldman Sachs (India) Securities Non-public Restricted, ICICI Securities Restricted, Nomura Monetary Advisory and Securities (India) Non-public Restricted and SBI Capital Markets Restricted are the e-book working lead managers to the problem.

LIC was fashioned by merging and nationalizing 245 personal life insurance coverage corporations in India on September 1, 1956, with an preliminary capital of Rs50.00 million. LIC is the fifth largest life insurer globally by GWP (evaluating LIC’s life insurance coverage premium for Fiscal 2021 to its world friends’ life insurance coverage premium for 2020) (supply: the CRISIL Report) and the most important asset supervisor within the nation as at December 31, 2021 (supply: the CRISIL Report), with a longtime monitor document of economic efficiency and worthwhile progress. As at December 31, 2021, the Company lined 91% of all districts in India and had the most important particular person company community amongst life insurance coverage entities in India, comprising roughly 1.33 million particular person brokers.

LIC’s particular person product portfolio in India contains 32 particular person merchandise (16 taking part merchandise and 16 non-participating merchandise) and 7 particular person non-obligatory rider advantages. LIC’s group product portfolio in India contains 11 group merchandise. LIC’s omni-channel distribution platform for particular person merchandise at the moment contains (i) particular person brokers, (ii) bancassurance companions, (iii) alternate channels (company brokers, brokers and insurance coverage advertising companies), (iv) digital gross sales (via a portal on our Company’s web site), (v) Micro Insurance coverage brokers and (vi) Level of Gross sales Individuals – Life Insurance coverage.

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