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LIC prepares for its historic IPO, LIC customers will also get golden opportunity

SEBI, the market regulator, has accepted the central government’s application for the LIC IPO. Life Insurance Corporation is expected to sell 5 percent of its shares. There will be a discount of 10 percent given to policyholders in LIC’s initial public offering. However, the record date will be February 13, and the PAN card policy will be updated by February 28.

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Policyholders are allowed a maximum of Rs 2 lakh. LIC India’s IPO has a share size of 31,62,49,885, with a retail quota of 35 percent. LIC’s IPO has been in the making for some time, and in order to make it a reality, the government has also sought advice from specialist companies.

As reported by sources, LIC’s board of directors approved the IPO. If SEBI approves LIC’s IPO, it could take place within a few days. The IPO may hit the capital market in March, according to sources. The government plans to sell about 31 crore equity shares in the draft it filed with SEBI.

The IPO is 100% OFS by GOI and no fresh issue of shares by LIC

For filing valuation about 31.6 cr shares are on offer representing 5% equity. pic.twitter.com/UizbeiPloD
— Secretary, DIPAM (@SecyDIPAM) February 13, 2022

Tuhin Kanta Pandey, Director, Department of Investments and Public Asset Management (DIPAM), tweeted that the DRHP for LIC’s IPO had been submitted to SEBI. Life Insurance Corporation (LIC) is expected to be listed on the stock exchanges by March. Anchor investors will receive a portion of the IPO. LIC’s IPO issue will reserve up to 10 percent for policyholders.

According to the source, preparations have been completed, and the DRHP could be filed as soon as next week. An IPO by LIC is important for the government amidst an estimated shortfall of Rs 78 thousand crores in government disinvestment targets for the current fiscal year. So far, the government has raised around Rs 12,000 crore by privatizing Air India and selling its stakes in other PSUs. LIC held a 64.1% share of the domestic market in 2020. LIC ranks third in the world when it comes to life insurance premiums, according to Crisil.

Prior to 2000, LIC’s market share was 100 percent, but in 2016, it had decreased to 71.8 percent. LIC’s market share further declined to 64.1% in 2020. SBI Life’s market share in 2016 was just 5%, and its share in 2020 is projected to be 8%.

Paytm stock fell to Rs 910, heavy fall in stock market for 5th consecutive day

Amidst all-around selling, the stock market has declined for the fifth consecutive day. The Sensex fell more than 550 points after the market opened on Monday. In the meantime, Paytm’s investors’ plight is not improving. Paytm’s share price fell further to Rs 910 on Monday.

Paytm’s stock hits new record lows

Shares of Paytm’s parent company One97 Communications Ltd were trading 4.37 percent lower at Rs 917.95 at 10:15 am. A new 52-week low of Rs 909.05. was reached as a result of this. Paytm’s stock has been steadily declining since it was listed in the market after its recent IPO.

One month drop of 33%

Ever since the company entered the open market after its recent IPO, it has been losing money. It was the first time that Paytm‘s stock fell below Rs 1000 last week. Paytm’s stock fell by more than 33 percent during the last month.

Macquarie’s prediction is about to come true

Macquarie Securities India has recently set a new target price of Rs 900 for Paytm. Since it continues to decline, it seems that the firm’s estimate could be accurate. Macquarie is the first brokerage company to place a target price below Rs 1,200 on Paytm’s stock.

More than 57% has been lost by investors

Paytm’s parent company One97 Communications went public on 18 November 2021. The issue price was Rs 2,150. On the day of listing, there was a big fall in the stock. It fell to Rs 1,961.05. Since then, the stock price of the company has not reached the listing price. The investors who have invested in the IPO so far have lost more than 57 percent compared to the issue price.

Paytm going through a bad phase! Big executives of the company including Abhishek Arun resigned

Paytm, the country’s largest digital payment company has suffered a major setback. Abhishek Arun, Renu Satti, and Abhishek Gupta, all three gave a resignation together at Paytm. Mint reported that the three executives have just left the financial services firm of the company that was recently listed on the stock market.

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Three executives at Paytm left: Abhishek Arun, chief operating officer of Paytm Payments Bank, Renu Satti, chief operating officer of Offline Payments, and Abhishek Gupta, senior vice president and chief lending officer. Renu Satti has been working with Paytm since 2006

In the report, Abhishek Arun posted on his LinkedIn account about a week ago that he had decided to leave the company after 6 years. Renu Satti, talking about Abhishek Arun, was working with Paytm since 2006. The company has grown a lot because of him.

It is being reported that Abhishek Gupta joined the company only a year ago as Senior Vice President and COO-Lending. Paytm and Abhishek also had a very short relationship and resigned too. A notice period is currently in effect at the company. Despite the resignations of three of its senior executives, the company has not yet issued an official statement.

The company’s CEO, Amit Nayar, has also left Paytm

Paytm is experiencing major problems following its disappointing stock market listing. It is being reported that many big officers have left Paytm in the last two years. Amit Nayar, the company’s chairman, resigned shortly before the IPO was brought in November.

Earnings from Paytm

According to the company, income for the period July-September increased by 64 percent to Rs 1090 crore. This is the first time Paytm has released earnings since it listed. Last year, the Loss for the same period was 437 crores, compared to 473 crores this year. Expenses increased to about 1,600 crores, compared to 1,170 crores a year ago.

Sebi approves IPO of Paytm, PolicyBazaar and five others

As part of its approval of Seven Initial Public Offerings (IPOs) last week, the Securities and Exchange Board of India (Sebi) approved Paytm, which aims to raise a minimum of Rs 16,600 crore in what may be India’s largest scheduled share sale ever.

As well as Policybazaar, Anand Rathi Wealth, ESAF Small Finance Bank, Tarsons Products, Sapphire Foods, and HP Adhesives, Sebi approved them on Monday.

Paytm will issue a fresh issue worth ₹8,300 crore, and the remaining amount will be offered for sale, allowing existing investors to exit.

Policybazaar plans to raise about ₹6,018 crore through a fresh issue of ₹3,750 crore and an offer for sale by its existing shareholders and promoters of ₹2,267.50 crore.

Anand Rathi Wealth, a Mumbai-based financial services group, has also been approved by the Sebi for its proposed IPO of Rs 1,000 crore. An IPO consists of the sale of 12 million equity shares by the promoters and other shareholders.

Tarsons Products, a life sciences company, plans to raise about Rs 1,500 crore through an IPO.

Fresh equity shares up to Rs 150 crore will be issued, along with an offer to sell 13.2 million equity shares by existing shareholders and promoters.

ESAF Small Finance Bank’s IPO consists of a fresh issue of Rs 800 crore and an offer to sell Rs 197.78 crore by its existing promoters and shareholders.

Sapphire Foods India’s initial public offering consists of an offer for sale of 17.57 million shares by existing shareholders and promoters.

Sebi approved the offers from six companies in the week ended October 16: Adani Wilmar, Nykaa, Star Health and Allied Insurance Company, Penna Cement, Latent View Analytics, and Sigachi Industries.

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