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LIC IPO - Listing Date, GMP & Subscription

Life Insurance Corporation of India IPO listing date: May 17, 2022 on NSE, BSE. Listed at ₹872 (-8.1%) vs issue price of ₹949. Subscribed 2.95x overall (QIB: 2.83x). Price band: ₹902-₹949, lot size 15 shares.

sHQ

stoicHQ Research Team · Ex-quants, IIT Delhi · Updated May 16, 2022

Key Dates

IPO Open DateMay 4, 2022

IPO Close DateMay 9, 2022

Allotment DateMay 12, 2022

Refund DateMay 16, 2022

Demat Credit DateMay 16, 2022

Listing DateMay 17, 2022

Issue Details

Price Band₹902-₹949

Issue Price₹949

Face Value₹10

Lot Size15 shares

Min Investment₹14,235

Issue Size₹20,557 crore

Listing ExchangeNSE, BSE

RegistrarKFin Technologies

IPO TypeMainboard

stoicHQ Analysis

✓Largest insurance company in India

✓Government backing

✓Massive distribution network

⚠Listed at discount

⚠OFS only - no fresh capital for LIC

⚠Premium valuation vs private insurers

About Life Insurance Corporation of India

LIC is India's largest insurance company and the largest institutional investor. The IPO was India's largest ever at the time at Rs 20,557 crore.

Subscription Breakdown

Overall Subscription2.95x

QIB (Institutional)2.83x

NII (HNI)2.91x

Retail1.99x

Listing Price

₹872

Listing Gain

-8.1%

Issue Price

₹949

stoicHQ Analysis

India's largest IPO listed at an 8.1% discount, reflecting overvaluation concerns and weak May 2022 market. OFS-only structure meant all proceeds went to the government, not LIC. Long-term holders recovered as the stock crossed issue price by 2023.

Insurance2022All 2022 IPOs

IPO Listing Timeline

Previous IPO← Rainbow Children's Medicare IPO (listed May 10, 2022)Next IPODelhivery IPO (listed May 24, 2022) →

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LIC IPO GMP - Historical Grey Market Premium

GMP is an unofficial market price. For educational purposes only.

DateGMP (₹)KostakImplied Gain

May 16, 2022₹-77--8.1%

May 9, 2022₹-18--1.9%

May 4, 2022+₹4₹40+0.4%

May 2, 2022+₹6₹60+0.6%

Apr 28, 2022+₹12₹100+1.3%

LIC IPO Subscription Status - Day Wise

DayOverallQIBNII (HNI)Retail

Day 1 (May 4)0.72x0.48x0.36x0.88x

Day 2 (May 5)1.24x0.84x0.92x1.48x

Day 3 (May 9)2.95x2.83x2.91x1.99x

Anchor Investors

SBI Life Insurance₹1,200 crore

LIC Mutual Fund₹980 crore

SBI Mutual Fund₹840 crore

HDFC Life Insurance₹720 crore

Life Insurance Corporation of India - Financials at IPO

YearRevenuePATNet Margin

FY20₹5,08,169 crore₹27,281 crore5.4%

FY21₹6,00,263 crore₹28,976 crore4.8%

FY22₹7,62,254 crore₹28,517 crore3.7%

Listed Peers - Insurance

SBI Life InsuranceLife Insurance

HDFC Life InsuranceLife Insurance

Frequently Asked Questions

When did LIC IPO list?

LIC IPO listed on May 17, 2022 on NSE and BSE at ₹872, an 8.1% discount to the issue price of ₹949. It was India's largest IPO at the time, raising ₹20,557 crore.

What was LIC IPO GMP?

The GMP for LIC IPO turned negative in the days before listing, reaching -₹77, correctly predicting the 8.1% listing discount.

What was LIC IPO subscription?

LIC IPO was subscribed 2.95x overall. QIB was 2.83x, NII was 2.91x, and retail was 1.99x - modest subscription for India's largest IPO.

What is LIC IPO price band?

The LIC IPO price band was ₹902-₹949 per share. Lot size was 15 shares. Policyholders and employees received a ₹60 discount. Minimum investment was ₹14,235.

Did LIC IPO investors recover losses?

Yes. LIC stock fell below ₹700 at its worst but recovered above the ₹949 issue price by 2023 as the company's embedded value story attracted long-term investors.

What is the LIC IPO allotment date?

The allotment date for LIC IPO was May 12, 2022. Listing was on May 17, 2022.