country’s largest insurer life insurance corporation (LIC) on Tuesday listed its shares on the National Stock Exchange (NSE) at a discount of 8.11% to ₹872 per share.
On the Bombay Stock Exchange (BSE), the shares were listed at ₹867.20, down 8.62% from the issue price of ₹949 per share.
LIC had fixed the issue price of its shares at ₹949 per share after a successful initial public offering, earning ₹20,557 crore to the government.
Considering the discounts given to LIC policyholders and retail investors, the shares have been received at the price of ₹889 and ₹904 respectively. The shares listed on the BSE and NSE on Tuesday at a discount of ₹81.80 and ₹77, respectively, over its issue price of ₹949 per share.
The government sold over 22.13 crore shares or 3.5% stake in LIC through IPO. The issue price band was ₹902-949 per share. However, shares were allotted to investors at the upper end of the price band on May 12.
LIC IPO – India’s biggest ever – closes with almost 3 times subscriptionAdoption was mainly carried out by retail and institutional buyers, but participation from foreign investors remained muted.
So far, the amount raised from Paytm IPO in 2021 was ₹18,300 crore, followed by Coal India (2010) at ₹15,500 crore and Reliance Power (2008) at ₹11,700 crore.