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Yeh IPO kya kahta hai? LIFE INSURANCE CORPORATION OF INDIA

All that you should know about the Company before applying for the IPO.

May 03, 2022     

The public issue of equity shares of Life Insurance Corporation of India will open for subscription on May 04, 2022 and closes on May 09, 2022. It is expected to list on the stock exchanges on May 17, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.

Company Profile

The Company is the largest insurance provider company in India with 61.6% market share in terms of Gross Written Premiums (GWP), 71.8% market share in terms of number of individual policies issued as well as by the number of individual agents, which comprised 55% of all individual agents in India as at 31-DEC-2021. It is also the largest asset manager in India with AUM of ₹40.1 trillion as at December 31, 2021. It is also ranked 5th globally by life insurance GWP and 10th globally in terms of total assets. The Company was formed by merging and nationalizing 245 private life insurance companies in India on September 1, 1956.

The Company has a broad, diversified product portfolio covering various segments across individual products and group products. It’s products comprise of Participating insurance products and Non-Participating products which includes; Term insurance, Health insurance, annuity and pension products, ULIPS, among others.

The Company has the largest individual agent network among life insurance entities in India, comprising approximately 13.3 lakh individual agents as at December 31, 2021. It has 2,048 branch offices and 1,559 satellite offices in India, covering 91% of all districts in India.

Who are the Promoters of the Company?

The President of India, acting through the Ministry of Finance, the Government of India

Positives about the Company

  • 5th largest life insurer globally by Gross Written Premium and the largest player in the fast-growing and underpenetrated Indian life insurance sector
  • Trusted brand and a customer-centric business model
  • Cross-cyclical product mix that caters to diverse consumer needs and an individual product portfolio that is dominated by participating life insurance policies
  • Presence across India through an omnichannel distribution network with an unparalleled agency force
  • Harnessing technology capabilities to support customer connect and drive operating efficiencies
  • Largest asset manager in India with an established track record of financial performance and profitable growth
  • Highest Return on Net Worth amongst other listed players in India in the same industry
  • Robust risk management framework
  • Highly experienced and qualified management team, distinguished Board, and strong corporate governance framework

Who are its key competitors?

  • SBI Life Insurance Company Limited
  • HDFC Life Insurance Company Limited
  • ICICI Prudential Life Insurance Company Limited

Why is the Company going public?

Given below are the objectives of the Company –

To achieve the benefits of listing the equity shares on the stock exchanges

The Offer is a 100% Offer for Sale issue. The Company will not receive any proceeds from the Offer for Sale and all proceeds from the Offer will go to the Selling Shareholders.

IPO Details

IPO Size ₹ 21,008.48 Crore *
Offer Mix 100% Offer For Sale
Price Band ₹ 902 - ₹ 949
Lot Size 15 Shares (& in multiples thereof)
Face Value ₹ 10
Application Amount Min. ₹ 14,235 (1 lot) | Max. ₹ 1,99,290 (14 lots) [at upper price band]
Listing on NSE & BSE
Registrar KFin Technologies Limited
Discount ₹ 45 per equity share for Eligible Employees & Retail Category
₹ 60 per equity share for Eligible Policy Holders Category#
Cut-off time for UPI Mandate Confirmation 10-May-2022 (up to 12:00 PM)
* at upper price band
# Who are having policy as on 13-FEB-2022

Category Wise Availability *

QIB ₹ 9,378.78 Crore
(50% of Net Issue Size)
NIB ₹ 2,813.64 Crore
(15% of Net Issue Size)
Retail ₹ 6,565.15 Crore
(35% of Net Issue Size)
Policyholders Reservation Portion ₹ 2,100.85 Crore
(2,21,37,492 Equity Shares)
Employee Reservation Portion ₹ 150.06 Crore
(15,81,249 Equity Shares)
* at upper price band

Indicative Issue Timeline

Activity Date
IPO Opens May 04, 2022
IPO Closes May 09, 2022
Finalization of the basis of allotment May 12, 2022
Unblocking of funds / Initiation of refunds May 13, 2022
Credit of equity shares to Demat accounts May 16, 2022
Listing of equity shares May 17, 2022
Source: Company RHP
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