LIC IPO: A look at the insurer’s history
LIC, the country's biggest life insurer, has over 13 lakh agents who help people sign up for insurance policies.
On Wednesday, Life Insurance Corporation (LIC) of India opened its much-anticipated $2.7 billion initial public offering (IPO) for subscription, following strong demand from domestic mutual funds who have been allocated 71.12 percent of the total book.
Conscripted to be India's biggest IPO to date, LIC is reportedly commanding a premium of Rs 60-65 apiece for its shares in the grey market - nearly 7 percent higher than the upper end of the IPO price-band of Rs 902 to Rs 949 apiece.
Amid the buzz of news reports surrounding the IPO, YourStory looks at the journey of the 66-year-old insurer.
The Interview
With the world embracing the third generation of the internet, Pranav Sharma and Himanshu Yadav of Woodstock Fund decode the emerging trends of Web3 in India and the ABCs of investments in this space.
Editor’s Pick: QED Investors’ India playbook
Global VC QED Investors set up its office in India last year, and has signed cheques worth $150 million (Seed to Series C) across six fintech startups. Now, it wants to double down on its bets in the next three years. Read more.
Startup Spotlight
Online shopping may be here to stay, but retail stores aren’t going away anywhere. For retailers, however, opening new stores remains a logistical nightmare. Gurugram-based startup aims to help brands surmount this with a standard retail expansion playbook that uses AI (artificial intelligence) to help build new stores and maintain existing ones without an in-house projects team. Read more.
News & Updates
- In an unprecedented move, the Reserve Bank of India (RBI) on Wednesday raised interest rates by 40 basis points in an attempt to tame rising inflation.
- Online trading platform says it has crossed 10 million customers, doubling from 5 million around six months ago.
- In 2021, venture capital firms invested $28 billion into the cryptoverse. In the first three months of 2022, they have already invested $10 billion in the sector, the largest quarterly amount to date.
- Bengaluru-based healthcare startup has raised a second round of funding to the tune of Rs 135 crore from investors such as Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence, and Wipro GE.
Read more: [https://yourstory.com/2022/05/startup-news-updates-lenskart-openapp-flipspaces-innovaccer-/amp ]
Before you go, stay inspired with…
Infosys Founder and former Chairman, NR Narayana Murthy
“The biggest impediment to growth is in our minds and not in the world outside, and the only constant in the world is change.”
N.R. Narayana Murthy, Padma Vibhushan awardee and Founder of Infosys
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