Investors have been disappointed on the first day of listing of LIC IPO. The company’s shares are listed on the BSE at a discount of Rs 81.80, ie 8.62 percent, at Rs 867.20. Whereas, the shares on the NSE are listed at Rs 872, down 8.11 per cent.
The shares of the country’s largest insurance company LIC got listed on the stock market on Tuesday. As expected, the company’s shares were listed at a discount and investors were disappointed on the first day of listing. LIC shares are listed on BSE at a discount of Rs 81.80, or 8.62 per cent, at Rs 867.20. Whereas, the shares are listed on NSE with a fall at Rs 872.
Earlier, LIC’s shares had broken up to 12 per cent in the pre-market. The shares of the insurance company were trading at Rs 830 with a loss of 12.54 per cent on the BSE. However, these improved as the time of listing approached. By 9.30 am, the fall in the stock had reduced to 6.69 percent and its price had reached Rs 885.55. Speaking on the occasion, Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management, said that the listing of LIC IPO in the stock market is an important moment. LIC’s IPO is in line with PM’s vision. He said that India is one of the most important emerging markets and it will be one of the fastest growing economies in this decade.
The LIC IPO bidding took place between May 4 and 9. LIC IPO was subscribed 2.94 times during this period. Explain that the government has sold 3.5 percent stake in its wholly owned LIC through IPO. This IPO got a tremendous response from all the investors except foreign investors. According to the report, the government has raised around Rs 20,500 crore through IPO. Its shares were priced at Rs 902-949 per share.