LIC IPO Listing: Finally, the long wait is over as LIC, the country’s largest insurer, will list its shares on the stock exchange on Tuesday. The shares will be listed on BSE and NSE on May 17. Here are 10 things to know before listing its shares on Life Insurance Corporation (LIC) NSE, BSE Stock Exchange: –
LIC has seen a good response from domestic investors to the sale of initial shares, which has fetched the government Rs 20,557 crore.
The government had fixed the issue price of LIC shares at Rs 949 for the allocation of investors.
LIC policyholders and retail investors received shares at Rs 889 and Rs 904, respectively, after considering the discounts offered.
The initial public offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allotted to bidders on May 12.
The government has sold 22.13 crore shares or more than 3.5 per cent shares in LIC through IPO.
The price band of the issue was Rs 902-949 per share. However, shares were allotted to investors on May 12 at the top end of the price band.
The LIC IPO – India’s largest ever – closed with almost 3 times the subscription, mainly by retail and institutional buyers, but the participation of foreign investors remained silent.
LIC reduced its IPO size from 5 per cent to 3.5 per cent last month, which was decided earlier due to prevailing market conditions. Despite a reduction of over Rs 20,557 crore, LIC IPO is the largest initial public offering in the country.
The shares were planned to hit the market in early March. But stock market uncertainty over the Russia-Ukraine war has pushed the issue into the current fiscal year, which began in April.
The proceeds from the LIC issue constitute about one-third of the investment target of Rs 65,000 crore for the current financial year.
IPO so far
So far, the amount raised from Paytm IPO in 2021 was Rs 18,300 crore, followed by Coal India (2010) at around Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
(With PTI input)