Shares of Life Insurance Corporation of India (LIC) went public on Tuesday. All eyes are now on the LIC’s initial public offering (IPO) listing price. The central government recouped Rs 20,557 crore from India’s largest initial share sale.
The government had set the issue price of LIC shares at Rs 949 each for allocation to investors. LIC policyholders and retail investors secured the shares at a price of Rs 889 and Rs 904 each, respectively, after taking into account the discount offered.
LIC SHARE PRICE
LIC’s IPO date is here and shares are listed on Sensex and Nifty. Policyholders and employees of LIC and other investors can view the LIC share price on the BSE India website.
One must go to https://www.bseindia.com/stock-share-price/life-insurance-corporation-of-india/lici/543526/ to check the stock price of the largest insurer in the country.
Secretary of Department of Investment and Public Assets Management (DIPAM), Tuhin Kanta Pandey said that more than 50 lakh demat accounts have been opened in the country since November 2021. DIPAM Secretary said during the LIC registration ceremony.
“Applications for the LIC IPO came from unknown remote places, rural areas. People enthusiastically participated in the LIC IPO. 73 lakh applications were received, excluding of the lead investor,” he said.
IPO of LIC
LIC’s IPO closed on May 9 and shares were awarded to bidders on May 12. The government has sold over 22.13 crores of shares or a 3.5% stake in LIC through the IPO.
The price range of the issue was Rs 902-949 per share. However, the shares were allocated to investors on May 12 at the upper end of the price range.
LIC’s IPO – the largest to date in India – closed with almost 3x subscription, mostly from retail and institutional buyers, but participation from overseas investors remained subdued.
LIC had last month cut the size of its IPO to 3.5% from the 5% decided earlier due to choppy market conditions. Even after the reduced size of over Rs 20,557 crore, LIC’s IPO is the largest initial public offering ever in the country.
Prior to LIC’s IPO, the amount raised from Paytm’s IPO in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at almost Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
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