The listing date for Life Insurance Corporation’s (LIC) initial public offering (IPO) has finally arrived and the country’s largest insurance company will list itself on the stock exchanges on May 17.
LIC After getting subscribed 2.95 times after a 6-day subscription period from May 4 to 9, the company will list its shares on the stock exchanges after seeing a good response from the investors. Initial share sale received 20,557 crore to the government.
lic ipo share price
The issue price of LIC shares was fixed by the Center by: 949 each for allocation to investors. LIC policyholders and retail investors have received shares at the cost of 889 more 904 each, respectively, taking into account the discount offered.
LIC’s IPO closed on 9 May and shares were allotted to the bidders on 12 May. The government sold more than 22.13 crore shares or 3.5 per cent stake in LIC through IPO.
The price band of the issue was 902-949 per share. However, shares were allotted to investors at the upper end of the price band on May 12.
lic ipo listing
LIC shares will be listed on BSE and NSE on Tuesday.
Investors can check the websites of BSE India and NSE India to know the listing price of LIC IPO.
LIC IPO, the country’s largest ever, closed with nearly 3x subscriptions, mainly by retail and institutional buyers, but participation from foreign investors remained muted.
Till date, the amount raised from Paytm’s IPO in 2021 was the largest ever 18,300 crore, followed by Coal India (2010) approx. 15,500 crore and Reliance Power (2008). 11,700 crores.
Last month, LIC reduced the size of its IPO to 3.5 per cent from 5 per cent decided earlier due to prevailing market conditions.
Even though the size of the over is small 20,557 crore, LIC IPO is the largest ever initial public offering in the country.
Before coming to the IPO, the life insurance company had raised more than 5,627 crore from anchor investors.
The share sale was initially planned to hit the markets in March. But uncertainty in stock markets due to the Russo-Ukraine war pushed the issue into the current fiscal, which began in April.
LIC makes up about one third of the issue proceeds For the current financial year, a disinvestment target of Rs 65,000 crore has been set.
while it has already grown 3,058 crore from minority stake sale in ONGC, 211.14 crore is expected to come after handing over of Pawan Hans management control to a consortium of M/s Star9 Mobility Pvt Ltd, M/s Big Charter Pvt Ltd, M/s Maharaja Aviation Pvt Ltd and M/s Almas Global Opportunity Fund. SPC by June.
Center won in the last financial year 13,531 crore from disinvestment of CPSEs against revised scaled-down target 78,000 crores.