LIC IPO
LIC IPO — date, price band, lot size & details 2022
LIC listed on 17 May 2022 at ₹872, 8.1% below the ₹949 issue price.
LIC is the largest life insurer in India, owned by the Government of India. Its policyholders' account income was Rs 7,03,709.45 crore in FY2021.
Stock price
LIC is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 04 May 2022
- Close 09 May 2022
- Allotment 12 May 2022
- Refund/credit 13 May 2022
- Listing 17 May 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 4 to 9 May, 2022 |
|---|---|
| Price Band | ₹902 – ₹949 |
| Face Value | ₹10 |
| Lot Size | 15 Shares |
| Issue Size | ₹20557.23 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 45.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,235 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 15 shares at the ₹949 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 15 | ₹14,235 |
| Retail (max) | 14 | 210 | ₹1,99,290 |
| S-HNI (min) | 15 | 225 | ₹2,13,525 |
| S-HNI (max) | 70 | 1,050 | ₹9,96,450 |
| B-HNI (min) | 71 | 1,065 | ₹10,10,685 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01It had over 66.2% of new business premium in India, as per the source.
- 02Profit after tax rose from Rs 2,627.38 crore in FY2019 to Rs 2,974.14 crore in FY2021.
- 03It has the largest agent network, with more than 13.5 lakh agents and 2048 branches.
- 04Net worth rose from Rs 815.33 crore on 31 March 2019 to Rs 8,230.50 crore on 31 December 2021.
Risks · 6
- 01The whole Rs 20,557.23 crore issue was offer for sale by the government, so no money went to LIC.
- 02The government held 96.5% after the issue and can shape decisions as the controlling shareholder.
- 03Profit is small relative to the business, at Rs 2,974.14 crore in FY2021, because most surplus goes to policyholders.
- 04The pre-issue P/E was 201.91 at the upper band of Rs 949, based on EPS of Rs 4.70.
- 05Market share has been falling as private insurers grow, though it still had over 66.2% of new business premium.
- 06Government holding fell from 100% before the issue to 96.5% after it.
Three years of numbers
All figures in ₹ crore, as reported in the LIC offer document.
| Metric | 31 Dec 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 1,03,911.51 | 1,02,324.68 | 1,71,689.62 | 1,90,263.76 |
| Total Income | 5,12,279.21 | 7,03,709.45 | 6,45,605.47 | 5,70,809.57 |
| Profit After Tax | 1,715.31 | 2,974.14 | 2,710.48 | 2,627.38 |
| EBITDA | 1,756.97 | 2,980.35 | 2,718.52 | 2,642.37 |
| NET Worth | 8,230.50 | 6,514.64 | 854.65 | 815.33 |
| Reserves and Surplus | 2,498.62 | 6,705.47 | 891.66 | 798.44 |
| Total Borrowing | 3.67 | 3.67 | 2,53,413.60 | 2,69,400.60 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the LIC RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
LIC IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.70 | ₹3.62 |
| P/E Ratio (x) | 201.91 | 262.15 |
| Market Cap at Offer Price (₹ Cr) | ₹346,346.64 | ₹449,676.57 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹949 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the LIC IPO will be updated shortly.
About the company
It offers participating products and non-participating products such as unit-linked, savings, term, health, annuity and pension plans. Its assets under management were about Rs 39 lakh crore on 30 September 2021.
It works through 2048 branches, 113 divisional offices and 1,554 satellite offices, with more than 13.5 lakh agents. It also operates in Fiji, Mauritius, Bangladesh, Nepal, Singapore, Sri Lanka, the UAE, Bahrain, Qatar, Kuwait and the United Kingdom.
The IPO was Rs 20,557.23 crore and was entirely an offer for sale by the government, so LIC received none of the money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
LIC IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
77 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
SBI Capital Markets Ltd.
39 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Kalyan Jewellers India (-15.0%).
Axis Capital
75 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
70 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Kotak Mahindra Capital Company Limited
55 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Rategain Travel Technologies (-15.3%).
Bofa Securities India Limited
18 issues handledBest listing: Nykaa (+79.4%). Weakest: The Leela Hotels (-6.7%).
Goldman Sachs (India) Securities Private Limited
11 issues handledBest listing: Urban Company (+57.5%). Weakest: Paytm (-9.3%).
JP Morgan India Pvt. Ltd
9 issues handledBest listing: Anthem Biosciences (+26.9%). Weakest: Nuvoco Vistas Corporation (-14.9%).
Citigroup Global Markets India Pvt. Ltd
15 issues handledBest listing: Nykaa (+79.4%). Weakest: Kalyan Jewellers India (-15.0%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
12 issues handledBest listing: Nazara Technologies (+80.7%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of LIC?
The current Grey Market Premium is ₹0.
What is the LIC IPO price band?
₹902 to ₹949, on a face value of ₹10.
When is the allotment?
The basis of allotment is 12 May 2022, with listing on 17 May 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
