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Life Insurance Corporation of India (LIC) IPO (LIC IPO) Detail

May 4, 2022 - May 9, 2022

LIC IPO is a book built issue of Rs 21,008.48 crores. The issue is entirely an offer for sale of 22.14 crore shares.

LIC IPO bidding started from May 4, 2022 and ended on May 9, 2022. The allotment for LIC IPO was finalized on Thursday, May 12, 2022. The shares got listed on BSE, NSE on May 17, 2022.

LIC IPO price band is set at ₹902 to ₹949 per share. The minimum lot size for an application is 15 Shares. The minimum amount of investment required by retail investors is ₹14,235.

The issue includes a reservation of up to 1,581,249 shares for employees offered at a discount of Rs 45 to the issue price.

Axis Capital Limited, Bofa Securities India Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited, J.P. Morgan India Private Limited, Jm Financial Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd and SBI Capital Markets Limited are the book running lead managers of the LIC IPO, while Kfin Technologies Limited is the registrar for the issue.

Refer to LIC IPO RHP for detailed information.

LIC IPO Details

IPO Date May 4, 2022 to May 9, 2022
Listing Date May 17, 2022
Face Value ₹10 per share
Price Band ₹902 to ₹949 per share
Lot Size 15 Shares
Total Issue Size221,374,920 shares
(aggregating up to ₹21,008.48 Cr)
Offer for Sale221,374,920 shares of ₹10
(aggregating up to ₹21,008.48 Cr)
Retail Discount Rs 45 per share
Employee Discount Rs 45 per share
Issue Type Book Built Issue IPO
Listing At BSE, NSE

LIC IPO Reservation

LIC IPO offers 221,374,920 shares. 39,531,236 (17.86%) to QIB, 29,648,427 (13.39%) to NII, 69,179,663 (31.25%) to RII, 1,581,249 (0.71%) to employees 59,296,853 (26.79%) to Anchor investors. 4,611,977 RIIs will receive minimum 15 shares and (sNII) and (bNII) will receive minimum 225 shares. (in case of oversubscription)

Investor Category Shares OfferedMaximum Allottees
Anchor Investor Shares Offered59,296,853 (26.79%)NA
QIB Shares Offered39,531,236 (17.86%)NA
NII (HNI) Shares Offered29,648,427 (13.39%)
Retail Shares Offered69,179,663 (31.25%)4,611,977
Employee Shares Offered1,581,249 (0.71%)NA
Total Shares Offered221,374,920 (100%)

LIC IPO Timeline (Tentative Schedule)

LIC IPO opens on May 4, 2022, and closes on May 9, 2022.

IPO Open Date Wednesday, May 4, 2022
IPO Close Date Monday, May 9, 2022
Basis of Allotment Thursday, May 12, 2022
Initiation of Refunds Friday, May 13, 2022
Credit of Shares to Demat Monday, May 16, 2022
Listing Date Tuesday, May 17, 2022
Cut-off time for UPI mandate confirmation 5 PM on May 9, 2022

LIC IPO Lot Size

Investors can bid for a minimum of 15 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (Min) 1 15 ₹14,235
Retail (Max) 14 210 ₹199,290
Lot Size Calculator

LIC IPO Promoter Holding

The President of India, acting through the Ministry of Finance, Government of India is the company promoter.

Share Holding Pre Issue 100%
Share Holding Post Issue 96.50%

About Life Insurance Corporation of India (LIC)

LIC is the largest insurance provider company in India. It has a market share of above 66.2% in new business premium. The company offers participating insurance products and non-participating products like unit-linked insurance products, saving insurance products, term insurance products, health insurance, and annuity & pension products.

As of 30 Sep 2021, it has a total AUM of Rs. 39 lakh crore. LIC operates through 2048 branches, 113 divisional offices, and 1,554 Satellite Offices. It operates globally in Fiji, Mauritius, Bangladesh, Nepal, Singapore, Sri Lanka, UAE, Bahrain, Qatar, Kuwait, and the United Kingdom.

Key positive factors

  • LIC is a part insurance and part investment products company. Their plans are a combination of insurance and investment with a guaranteed return.
  • LIC has over 13.5 lakh agents who play brings most of the new business. LIC plans offer 'fixed returns' along with life insurance coverage. This makes it easy to sell by agents and brings peace of mind to the insurers.
  • LIC has high trust in the public for both life insurance as well as investment done with them. LIC is synonymous with insurance in India.
  • LIC manage asset of Rs 39 lakh crores. That is more money than the entire mutual fund industry combined. They invest these funds across stocks and bonds. They own 4% of all listed stocks in India and more government bonds than the RBI.
  • Leading insurance provider company in India and fifth largest global insurer by GWP.
  • A range of life insurance products to meet varied insurance needs of individuals.

Key challenges

  • LIC has poor new policy growth as they continue losing market share to private insurance players, especially in urban areas.
  • The margin in insurance + investment products is low.
  • It's very difficult to value LIC as the business model is unlike any other company. LIC collects money upfront and then promises to compensate policyholders at a later stage. The premiums they collect (part insurance and part investment) cannot be recognized as revenue.

Company Financials

Summary of financial Information (Restated Consolidated)
Particulars For the year/period ended (₹ in Millions)
  31-Dec-21 31-Mar-21 31-Mar-20 31-Mar-19
Total Assets 40,907,867.78 37,464,044.68 34,141,745.74 33,663,346.17
Profit After Tax 17,153.12 29,741.39 27,104.78 26,273.78

Key Performance Indicator

The market capitalization of LIC IPO is Rs 600242.28 Cr.

Pre IPO Post IPO
P/E (x) 201.91

Objects of the Issue (LIC IPO Objectives)

The IPO aims to utilize the net proceeds towards the following purposes;

  1. To achieve the benefits of listing the equity shares on the stock exchange.
  2. To carry out an offer for sale of 221,374,920 shares by selling shareholders.

LIC IPO Review (Apply)

[Dilip Davda]  Ever since LIC announced its IPO plans, it became the talk of the town and more so after filing its DRHP in February 2022. Investors across the board were busy calculating its valuations considering its mammoth size of business and market share amidst competition. Now that it has filed RHP and its issue details are announced, its pricing mirroring embedded value and business growth trajectory appears reasonable. With its investor-friendly move with a discount to its pillars i.e. policyholders as well as retail investors, the issue has now turned more attractive. The government of India has again shown their investor-friendly gestures with such moves amidst troubling times like the Russia-Ukraine war, spiralling inflation, and weak global markets. Investors may consider investing in this mega insurer’s maiden mini offer for medium to long term rewards. Read detail review...

LIC IPO Subscription Status (Bidding Detail)

The LIC IPO is subscribed 2.95 times on May 9, 2022 7:00:00 PM. The public issue subscribed 1.99 times in the retail category, 2.83 times in the QIB category, and 2.91 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

LIC IPO Details by Investor Category

Category Bidding at Max Bid Amount Basis of Allotment Discount Final Price
HNI At price Rs 9,067 Cr Proportionate No Rs 949
Retail Cut-off Not above Rs 2 lakhs Draw of Lot Rs 45 per share Rs 904
Employee Cut-off Not above Rs 2 lakhs Proportionate Rs 45 per share Rs 904
Policy Holders Cut-off Not above Rs 2 lakhs Proportionate Rs 60 per share Rs 889

LIC IPO Researved Category (Policyholder, Employee and Retail)

Read more details at LIC Policyholder(s) IPO Reservation - Explained

LIC IPO Multiple Applications

A LIC policyholder can apply for LIC IPO shares using 2 IPO applications in the following categories:

  1. Policyholder + Retail Category
  2. Policyholder + HNI (NII) Category

LIC IPO Limits in Reserved Quotas

  • Rs 2 lakh investment limit in policyholders, employees, and retail investors' quotas.
  • Policyholders can Increase limits by bidding in the "policyholders + retail" quota (Rs 2 + 2 lakh).
  • Employees can Increase limits by bidding in the "employee + policyholders + retail" quota (Rs 2+2+2 lakh).

Advantages of Reserved Quota in LIC IPO

  • Policyholders get Rs 60 per share discount on the final offer price.
  • Rs 45 per share discount in retail and employees' quota.

Eligible Policyholders for Reserved Policyholders Quota in LIC IPO

  • Policy should be bought on or before February 13, 2022.
  • Annuity policyholder is eligible, but not the beneficiary.
  • the Last date for updating PAN details in your policy was February 28, 2022.

LIC IPO Prospectus

LIC IPO Rating

Rating:Rated 4.1 stars
Vote Here ...

LIC IPO Listing Details

Listing Date May 17, 2022
BSE Script Code 543526
Final Issue Price ₹949 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Last Trade

Check IPO Performance…

Life Insurance Corporation of India (LIC) Contact Details

Life Insurance Corporation of India (LIC)
Yogakshema, Jeevan Bima Marg
Nariman Point, Mumbai 400 021,

Phone: +91 22 6659 8732

LIC IPO Registrar

Kfin Technologies Limited

Phone: 04067162222, 04079611000

LIC IPO Questions

  1. The listing gain in an IPO share depends on many factors:

    • Demand and supply of IPO shares on the day of listing
    • IPO shares pricing
    • The market situation on the day of listing
    • The demand for IPO shares (IPO oversubscription)
    • Russia Ukraine conflict

    It is not easy to predict listing gains in LIC IPO due to its large size. We have not seen such a large IPO in India before.


  2. It is difficult to say at this point. The decision depends on many factors like issue price, discounts offered, and the market situation on the day of listing.

    Note that IPO share price varies a lot in the first few weeks of listing. It is considered a high-risk investment as one can make or lose big money.


  3. LIC IPO opens on May 4, 2022 and closes on May 9, 2022.


  4. The LIC IPO price is Rs 902 to Rs 949 per equity share. A discount of Rs 45 is offered to Retail Investors and Rs 60 to LIC Policyholders.

    The effective price for LIC IPO shares at the upper price band will be Rs 949 for QIB and NII, Rs 904 for retail, and Rs 889 for Policyholders.


  5. You could check if your LIC policy is linked to your PAN by submitting an online request. Check PAN availability status in LIC Policy. You would need the following details to check:

    • LIC Policy Number
    • Date of Birth
    • PAN Number

    If your policy is linked correctly, you will get a message like "Your PAN details are available in our records as per input provided for the policy number."



LIC IPO is a main-board IPO of 221,374,920 equity shares of the face value of ₹10 aggregating up to ₹21,008.48 Crores. The issue is priced at ₹902 to ₹949 per share. The minimum order quantity is 15 Shares.

The IPO opens on May 4, 2022, and closes on May 9, 2022.

Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Zerodha customers can apply online in LIC IPO using UPI as a payment gateway. Zerodha customers can apply in LIC IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in LIC IPO through Zerodha

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'LIC IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The LIC IPO opens on May 4, 2022 and closes on May 9, 2022.

LIC IPO lot size is 15 Shares, and the minimum amount required is ₹14,235.

You can apply in LIC IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for LIC IPO will be done on Thursday, May 12, 2022, and the allotted shares will be credited to your demat account by Monday, May 16, 2022. Check the LIC IPO allotment status.

The LIC IPO listing date is on May 17, 2022.
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LIC IPO Message Board

Ranked Members of Forum  Ranked Members | Members with Most Likes



1829. Pandugeet |   Link |  Bookmark |June 29, 2022 10:42:50 PM
Still waiting for updates from expertpeople who recommended to buy on dips after the stock tanked. Are they still buying it as this stock is only dipping.
1828. IPO guro |   Link |  Bookmark |June 22, 2022 9:42:55 AM
IPO Mentor IPO Mentor (1100+ Posts, 400+ Likes)
Looking at the IPO price and the current price, it seems to be a very weak company.
1828.1. Pandugeet |   Link |  Bookmark |June 29, 2022 10:45:34 PM
It was always a weak company made fat by the government and gullible customers who bought endowment based term.plans
1827. IPO guro |   Link |  Bookmark |June 19, 2022 3:54:12 PM
IPO Mentor IPO Mentor (1100+ Posts, 400+ Likes)
बंद मुट्ठी लाख की खुल गई तो खाक की।
Ha ha ha 😄
1826. Nimboo ka aachar |   Link |  Bookmark |June 17, 2022 4:39:36 PM
I have only 1 thing to say to all those who applied for long term and did not sell on listing day in this sandalwood IPO.

Pls remain invested in this sandalwood for the rest of your life.
Keep holding your lic shares 'jindagi ke saat bhi aur jindagi ke baad bhi.'
1826.1. ipo share |   Link |  Bookmark |June 18, 2022 7:27:12 AM
IPO Guru IPO Guru (1500+ Posts, 700+ Likes)
@Nimboo Ka Achar
I think what you are saying is absolutely true.
After creating false trap (pulling back to 700 level), LIC again resumed it's downward journey.
Doesn't seem to have formed any base yet. God knows where it will stop.
Very surprising that big investors are unable to foresee hidden valuation which Authorities have assumed while fixing it's pricing.
Who will solve this mystery?????
1825. Ipo tracker |   Link |  Bookmark |June 16, 2022 1:52:38 PM
Top Contributor Top Contributor (500+ Posts, 200+ Likes)
You win by centimeters
But you lose by meters
1824. IPO guro |   Link |  Bookmark |June 16, 2022 9:21:31 AM
IPO Mentor IPO Mentor (1100+ Posts, 400+ Likes)
Washing without soap.
IPO price ₹ 949
Now trading below ₹ 700
Asia's second highest money sinking IPO!😊
1823. All Time High |   Link |  Bookmark |June 15, 2022 10:39:30 AM
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Sudden uptrend now (~30 up). 🤔🙄
1822. Jetha Lal |   Link |  Bookmark |June 13, 2022 4:21:37 PM
IPO Guru IPO Guru (1000+ Posts, 2100+ Likes)
Many times I mentioned that there is no institution demand and massive downfall is inevitable in this junk sandalwood.

I was going through MF holding in LIC and I found that between 12th May 2022 i.e Listing to 31st May 2022 Mutual funds have "NET SOLD" 9,88,500 qty of LIC shares in this period.
Those must be those who either participated in QIB quota or bought post listing. June MF data will clear the whole picture but till that time it will be too late to exit. Mostly probably available in 500 range.

Anchor book has benn opened to supply and see the downfall now. The game has just begun. Let's see till when SBI MF will save this suicidal share.

Disclaimer: I am not an expert, I am just learner and observer.
1822.1. yazoo |   Link |  Bookmark |June 13, 2022 10:40:53 PM
i agree we are all students and observers,
a bulk deal to sell LIC will be at a substantial discount.. a large open sale order will trigger a circuit algos are quite smart nowadays the only entity purchasing in bulk will be a govt entity .. in case of a lower circuit
no one will try to clutch a falling knife!
1821. Pandugeet |   Link |  Bookmark |June 13, 2022 9:05:55 PM
IPO Experts on Chittorgarh: Keep accumulating LIC, long term you will be billionaire. Value stock, fundamentals are awesome.

Same Experts to themselves: Sell LIC, it is useless. Total waste of time and money
1820. Bhaskar raj |   Link |  Bookmark |June 13, 2022 8:35:20 PM
LIC Share Update: निवेशकों का पैसा डूबोने के मामले में एशिया में नंबर वन बना एलआईसी का आईपीओ, 17 बिलियन डॉलर घटा मार्कैट कैप govt gift to poor investors
1819. Jetha Lal |   Link |  Bookmark |June 13, 2022 6:53:28 PM
IPO Guru IPO Guru (1000+ Posts, 2100+ Likes)
A $17 Billion loss puts LIC IPO among top Asia wealth destroyer.

Just imagine what would have happened if they would have come with their earlier price band of Rs 2000/per share.
Say thanks to Putin to initiate Ukraine's demilitarization.

The management’s communication with investors is confusing. They haven’t held an analyst call after the results. So there is no clarity on how the company is planning to grow, what is going to be its strategy.

This sandalwood is really stinky.

1819.1. ipo share |   Link |  Bookmark |June 13, 2022 7:49:25 PM
IPO Guru IPO Guru (1500+ Posts, 700+ Likes)
No bulk deal or block deal in LIC today. Seems no selling by Anchor investors. Even then it is down by 5%.
1819.2. Jetha Lal |   Link |  Bookmark |June 13, 2022 8:10:54 PM
IPO Guru IPO Guru (1000+ Posts, 2100+ Likes)
@ipo share ji
Today's Delivered quantity (NSE+BSE) is 34,39,719 which amounts to approx Rs 233 crores in value out of Rs 4,307 crores (total anchor portion).
Today supply is nothing in front of supply which is possible in near future.

Bulk is deal is never possible in LIC because to make bulk deal happen one has to buy shares worth Rs 2,113 crores because bulk deals means 0.5% of total value of company needs to buy/sell by an investor.
Block deal mostly happen two investors exchange shares in separate window on exchange and it mostly happen when promoter or big investor sell stake in open market with predetermined investor and price.
Bulk/block deal is not possible in LIC in near future.

Thank you 🙏
1818. IPO guro |   Link |  Bookmark |June 13, 2022 7:52:19 PM
IPO Mentor IPO Mentor (1100+ Posts, 400+ Likes)
My guess is that this share should come down to ₹100.
1817. IPO guro |   Link |  Bookmark |June 13, 2022 7:09:03 PM
IPO Mentor IPO Mentor (1100+ Posts, 400+ Likes)
There is a saying that the loincloth of a running ghost is good.

Anchor investors understand this very well.
1816. B.M.SURANA |   Link |  Bookmark |June 13, 2022 9:52:49 AM
IPO Guru IPO Guru (2600+ Posts, 4900+ Likes)
अंग्रेजी में पढ़े लिखे "एक्सपर्ट" अपने को तिस मार खां समझते हैं! यह बात स्पष्ट कर दूं Forum पर किसी को मैं व्यक्तिगत ना जानता हूँ ना मेरा को लेना देना है! यह भी बता दूँ मैं Chennai/ Raipur से हूँ! ऐजेंडा कौन चला रहा है सबको मालूम है! मेरा ऐजेंडा 1 ही था नये और भोले भाले निवेशकों को घाटे से बचाना! और अंग्रेज़ी के ऐक्सपर्ट मैं बार बार "महान" लोगों का नाम मेनसन नहीं करता!
[ Before buying or selling consult with your financial advisor and do your own research मै शेयर बाजार का विशेषज्ञ नहीं हूँ ]
1816.1. B.M.SURANA |   Link |  Bookmark |June 13, 2022 2:52:56 PM
IPO Guru IPO Guru (2600+ Posts, 4900+ Likes)
कम पढ़े लिखे और हिन्दी मिडियम में पढ़े लोग मुर्ख होते हैं??? उनको क्या मालूम LIC की कीमत??? और कुछ कह रहे हैं जिनके पास LIC के शेयर नहीं है वो चित्तौड़गढ़ Forum में क्यों है❓ क्या कर रहे हैं??? शेयर बाजार में शेयर होना जरूरी नहीं मंदी [ Short Selling ] करके भी पैसा कमाया जा सकता है!
[ Khela Hobe??? Roj Khela ho Raha hai LIC के शेयर में आज तो कमाल ही हो गया ]
1815. IPO guro |   Link |  Bookmark |June 13, 2022 2:22:27 PM
IPO Mentor IPO Mentor (1100+ Posts, 400+ Likes)
IPO price ₹ 949
Current price ₹ 670
Down ₹ 280
or 30%
Ha ha ha bahut kam gira.
1815.1. B.M.SURANA |   Link |  Bookmark |June 13, 2022 2:33:11 PM
IPO Guru IPO Guru (2600+ Posts, 4900+ Likes)
[ 5 ⭐⭐⭐⭐⭐ Hotel ka Paratha LIC ]

Taj Hotel Saturday Breakfast :

Gently browned, Delicately hand-rolled whole wheat pancakes Stuffed with a mixture of lightly spiced mashed potatoes,
Sauteed onions livened up with just a hint of chilli, Mint and Coriander, Topped with a swirl of Golden Butter

Accompaniments Fluffy yoghurt and young mangoes with spices,

Rs.2150/- + Taxes


Hindi Translation-
(आलू पराठा , दही और आचार )
1814. GJ 😀 |   Link |  Bookmark |June 13, 2022 1:57:07 PM
IPO Mentor IPO Mentor (1600+ Posts, 400+ Likes)
Nifty down by more than 3%, approx 500 points,
still, LIC is down by approx 5.5%
Anchor Investors' lock-in period is ended today and all of us were expecting heavy selling due to increased free float
still nothing like that (or kind of) happened
there are other stocks too, that fell more than or equal to LIC today
seems not so bad as what we were expecting
1814.2. GJ 😀 |   Link |  Bookmark |June 13, 2022 2:11:46 PM
IPO Mentor IPO Mentor (1600+ Posts, 400+ Likes)
Yes, I was expecting it to be down approx 10-15%.
Not shorted bro, holding huge quantity, was worried.
Feeling a little bit relaxed now
1814.3. GJ 😀 |   Link |  Bookmark |June 13, 2022 2:13:56 PM
IPO Mentor IPO Mentor (1600+ Posts, 400+ Likes)
Waiting for some jump from current levels
to exit (partially) at minimum loss
1813. GJ 😀 |   Link |  Bookmark |June 13, 2022 1:57:28 PM
IPO Mentor IPO Mentor (1600+ Posts, 400+ Likes)
Nifty broke 15700 also
1812. yazoo |   Link |  Bookmark |June 13, 2022 12:42:38 PM
DIPAM Secretary Tuhin Kanta Pandey
LIC IPO met with tremendous success

LIC valuation is “fair and attractive”

expressed concern over fall in share prices of Life Insurance Corporation of India (LIC) and hoped that the insurer’s management would look into it.embedded value (EV) at the end of March will give a better picture of the insurer.

“The market has not got March EV hence it is conjecturing. Rate of future growth of insurance companies can only be assessed via EV.

“LIC would update its EV by June end,” the official said. As per the draft papers filed with Sebi, LIC’s EV was over ₹5.39 lakh crore as of September 2021.

The babu has questioned the markets logic and is now switching to IDBI disinvestment .. how will LIC rescue LIC ?? time will tell
1811. IPO guro |   Link |  Bookmark |June 13, 2022 12:04:19 PM
IPO Mentor IPO Mentor (1100+ Posts, 400+ Likes)
लिस्टिंग से पहले ही बोल दिया था। दूसरा पेटीएम है। मैं तो इस तरह की कंपनी ₹10 में भी ना buy Karo.
1810. colcol |   Link |  Bookmark |June 13, 2022 10:28:51 AM (200+ Posts)
Many scrips are getting hammered in the market sell - off. However, unlike most of them, only LIC has enjoyed so much of institutional support. Many experts here were claiming that since LIC is a flagship IPO that will determine the future of the divestment programme, the government will pull out all the stops to ensure a bumper listing. The question is that if LIC can't find any buyers despite the best efforts of GoI, what will happen when it is left to fend for itself and more supply hits the market in the later divestment rounds ?
1810.1. yazoo |   Link |  Bookmark |June 13, 2022 10:38:01 AM
u cant fool all people all the time
LIC , NIACL, GIC , SCI look at all govt cos that have gone to IPO FPO etc right since Narsimha rao regime VERY FEW are IN THE MONEY most are in MASSIVE LOSSES

ONGC ipo happend at 725 during ATAL Behari regime ,, it is now at 160 ..
IDBI was first govt ipo i invested in , in losses now ,, sold at minor loss after some 10 yrs waiting

Govt treats psus as dustbins.puts its favourites in co boards. the psus have no right to earn , but ambani adani jindal essar etc have right to earn ,, this is not congress or bjp , sala govt ch** hai aur investing public ch*****..