LIC IPO: Flop listing of LIC shares, loss to investors on the very first day
The shares of the country’s largest insurance company LIC have finally debuted in the stock market today, May 17. LIC shares have been listed on both BSE and NSE indices on Tuesday.
LIC IPO Listing Today: Shares of the country’s largest insurance company Life Insurance Corporation of India (LIC IPO) have finally debuted in the stock market today, May 17. LIC shares got listed on BSE and NSE on Tuesday. The shares of the insurance company have disappointed investors on the first day of listing. The company’s shares are listed on BSE at a discount of Rs 81.80 i.e. 8.62% at Rs 867.20 per share. At the same time, LIC shares were listed at a discount of Rs 77 on NSE. The company’s shares were listed at Rs 872, down 8.11% on the NSE.
However, around 10 minutes after the listing, at 10:02, a slight recovery is seen in the shares of LI. Shares of the company are trading at Rs 907.60 with a decline of 4.36% on BSE . At the same time, LIC shares are trading at Rs 904.25 with a fall of 4.72% on NSE.
LIC IPO was open on 9 May
Let us tell you that LIC’s IPO closed on 9 May and its shares were allotted to the bidders on 12 May. The government has offered more than 22.13 crore shares i.e. 3.5 percent stake in LIC through IPO. For this, the price range was kept at Rs 902-949 per share.
There was a great response from domestic investors,
LIC’s IPO got almost three times subscription. Domestic investors took part in this, while the response from foreign investors was ‘cold’. This is the biggest IPO in the history of the country. The government has decided to sell its 3.5 per cent stake in LIC through this issue. The government was expected to get around Rs 20,557 crore from the sale of this stake.
Biggest IPO till date
With this amount, LIC’s issue has proved to be the biggest IPO in the country till date. Before this, Paytm’s IPO, which came in 2021, was worth Rs 18,300 crore. Prior to that, in the year 2010, the IPO of Coal India was about Rs 15,500 crore.