LIC makes muted debut, lists at 9% discount on stock exchanges

One97 Communications was listed on November 18, 2021. The scrip had a rather tepid listing, as it debuted at Rs 1,950 apiece on NSE, a 9.3 per cent discount to its issue price of Rs 2,150. On BSE, the scrip had got listed at Rs 1,955. The Rs 18,300 crore-IPO, the second-biggest so far (and the largest when it came) had managed to see 1.89 times subscription, led by QIBs and retail investors. As things stand, the stock trades at 72.48 per cent lower than its issue price of Rs 2,150.

The PSU was the biggest ever IPO in 2010. The IPO was sold between October 18 and October 21 that year. It generated bids worth $53 billion, which was more than the GDP of 140 countries as of FY10. It was almost 10 times India’s health budget for 2010-11, five times India’s education budget and one-fourth the size of the Union budget itself. The issue got listed on November 4, 2010, at Rs 291 on NSE, up 18.77 per cent over its issue price of Rs 245. On BSE, the scrip debuted at Rs 287.75, up 17.44 per cent.

This IPO was sold between January 15 and January 18 of 2008 and was subscribed about 70 times. Before Coal India, this IPO enjoyed the status of the ‘biggest IPO ever’ title. But the Rs 11,560 crore issue had another distinction. It was subscribed within the first few minutes of its book-building process. In fact, by the end of Day 1 of the bidding process, the issue had received over 10 times subscription. The IPO got listed on February 11, 2008. The scrip opened at Rs 547.80 on BSE, up 21.73 per cent against the issue price of Rs 450. It, however, settled below the issue price at Rs 372.50 apiece.

General Insurance Corporation of India (GIC Re) in 2017 was the third biggest IPO of its time. The issue ran from October 11 to October 13 that year and was sold in Rs 855-Rs 912 price band. The issue received 1.38 times subscription and mainly sailed through due to QIB buying. Other investor categories went undersubscribed. GIC Re is the sole reinsurance in the domestic market. It provides reinsurance to the direct general insurance companies in the Indian market. The scrip got listed on October 25, 2017. On both BSE and NSE. the scrip opened at a 6.8 per cent discount to the issue price of Rs 912.

This IPO was a big draw among investors in 2020. The IPO was in fact the second largest after Coal India at that point in time. The issue was sold between March 2 and March 5 for Rs 750-755 apiece and generated 26.54 times subscription. The quota reserved for qualified institutional buyers (QIB) was subscribed 57.18 times while the non-institutional investors’ category was subscribed 45.23 times. The stock got listed on March 16, 2020. It opened at Rs 658 on BSE, down 12.84 per cent over the issue price of Rs 755. The scrip ended lower for the day.