Report
EUR 88.49
For Business Accounts Only
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP), a 66.2% market share in terms of new business premium (NBP), a 74.6% market share in terms of number of individual policies issued, and a 81.1% market share in terms of number of group policies issued for FY21.
We have covered various aspects of the deal in our earlier notes:
Life Insurance Corporation of India Pre-IPO - Early take on India’s largest IPO
Life Insurance Corporation of India Pre-IPO - Operates on a grand scale but has been lagging the sector
Life Insurance Corporation of India Pre-IPO - Peer comparison, quick thoughts on rumored valuations
Life Insurance Corporation of India Pre-IPO - India’s largest IPO will not get any passive support
Life Insurance Corporation of India IPO - Valuation is ok but its not the best deal structure
Life Insurance Corporation of India IPO - Regional peer comparison
Life Insurance Corporation of India IPO - Anchor book results weren’t great
In this note, we will talk about the demand and trading dynamics
Life Insurance Corporation of India IPO Trading
Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP), a 66.2% market share in terms of new business premium (NBP), a 74.6% market share in terms of number of individual policies issued, and a 81.1% market share in terms of number of group policies issued for FY21.
We have covered various aspects of the deal in our earlier notes:
Life Insurance Corporation of India Pre-IPO - Early take on India’s largest IPO
Life Insurance Corporation of India Pre-IPO - Operates on a grand scale but has been lagging the sector
Life Insurance Corporation of India Pre-IPO - Peer comparison, quick thoughts on rumored valuations
Life Insurance Corporation of India Pre-IPO - India’s largest IPO will not get any passive support
Life Insurance Corporation of India IPO - Valuation is ok but its not the best deal structure
Life Insurance Corporation of India IPO - Regional peer comparison
Life Insurance Corporation of India IPO - Anchor book results weren’t great
In this note, we will talk about the demand and trading dynamics
Underlying
Life Insurance Corp of India
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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