Life Insurance Corporation of India IPO
Life Insurance Corporation of India (LICI) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 17 May 2022.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +4.8% (likely range -10% to +20%), day's high +9.3%, chance of a gain 51%. Actual: -8.1% at the open, -3.2% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 3,95,31,236 | 11,20,68,960 | 2.83x | |
| NII (HNI) total | 2,96,48,427 | 8,61,93,060 | 2.91x | |
| Retail | 6,91,79,663 | 13,77,84,060 | 1.99x | |
| Employees | 15,81,249 | 69,49,965 | 4.40x | |
| Policyholders | 2,21,37,492 | 13,53,70,965 | 6.12x | |
| Total | 16,20,78,067 | 47,83,67,010 | 2.95x |
Bids on NSE and BSE together, as published by NSE, as of 09 May 2022, 07:00 PM. Shares offered exclude the anchor portion. 48% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Life Insurance Corporation of India's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Sona BLW Precision ForgingsJun 2021 | 3.46x | 0.39x | 1.57x | 2.28x | ₹5,667 Cr | +3.4% | +24.1% |
| Krishna Institute of Medical SciencesJun 2021 | 5.26x | 1.89x | 2.89x | 3.86x | ₹2,145 Cr | +22.3% | +28.4% |
| ICICI Lombard General Insurance CompanySep 2017 | 8.17x | 0.83x | 1.23x | 2.98x | ₹5,701 Cr | -1.5% | +5.0% |
| UTI Asset Management CompanyOct 2020 | 3.34x | 0.93x | 2.32x | 2.31x | ₹2,160 Cr | -9.8% | -4.3% |
| General Insurance Corporation Of IndiaOct 2017 | 2.25x | 0.22x | 0.63x | 1.38x | ₹19,892 Cr | -6.8% | -1.4% |
| Macrotech DevelopersApr 2021 | 3.05x | 1.44x | 0.40x | 1.36x | ₹2,516 Cr | -10.3% | -1.6% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| Axis Capital | 107 | +20.4% | 73% |
| BofA Securities India | 18 | +30.6% | 72% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| Nomura Financial Advisory and Securities India | 27 | +16.0% | 56% |
| Goldman Sachs India Securities Private Limted, ICICI Securities | 16 | +18.4% | 69% |
| JM Financial | 109 | +22.8% | 75% |
| J.P. Morgan India | 27 | +17.4% | 74% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Life Insurance Corporation of India IPO price band and lot size? ₹902–949 per share, with a lot of 15 shares, so the smallest retail bid is ₹14,235.
How many times has it been subscribed? 2.95x overall: QIB 2.83x, NII 2.91x, retail 1.99x, employees 4.40x.
How did it list? It opened at ₹872, -8.1% against the issue price of ₹949, and closed its first day -7.8%.
