“LIC Completed Its Largest Initial Public Offering…” Throughout India’s history

The Life Insurance Corporation’s (LIC) record 21,000 crore initial public offering (IPO) attracted a massive response, with the issue nearly three times oversubscribed.

The largest float in the history of the Indian primary market was a success, with bids totaling Rs 45,000 crore coming in from various investor groups.

LIC policyholders were the most enthusiastic, consuming their allotment 6.12 times. In reality, analysts suggest that policyholders deserve all of the credit because they were the driving force behind the over-subscription, accounting for 60% of all applications.

“LIC pulled off the biggest IPO in the history of Indian capital markets, with more than 7 million applications,” Paytm Money CEO Varun Sridhar stated.

“During the LIC IPO, we noticed a 200 percent increase in new account openings on Paytm Money, with the bulk of accounts being established by first-time investors under the age of 30. We applaud LIC on their outstanding achievement “He continued.

On May 12, the allotment announcement is expected, followed by the stock market listings on May 17.

“Investors will get allocation confirmation on May 12, and the entire country will be watching for the listing price on May 17.” Mr Sridhar continued, “We usually urge Paytm Money investors to look medium to long term for IPO equities.”

“Tremendous response from all investors, including policyholders and others like retail and QIB, has been seen in the IPO,” Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said on Monday, referring to the demand for the insurance giant’s mega public offer, which the LIC chairman has dubbed “LIC 3.0.” The LIC IPO is intended to broaden the capital markets,” says the report.

The LIC IPO couldn’t escape the current market volatility, with its grey-market premium plunging 100 percent from Rs 60 on May 7 to Rs 30 on May 10, according to IPO Watch. This translates to a 3% increase in listing value.

According to a report by Motilal Oswal Financial Services on the insurance sector for the month of April, LIC’s individual weighted received premium (WRP) grew 27.8% year on year (11.5 percent in March), whereas private players’ WRP grew 46 percent in April (12.2 percent in March), while the industry grew 38.7%.

Individual WRP market share for private players expanded 300 basis points month on month to 63.1 percent in April while LIC’s share stood at 37 percent.

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