LIC Share Listing Today: Insurer's Stock Trades At 12 Per Cent Discount In Pre-Opening

In the pre-market trading, LIC shares are down 12.54 per cent at Rs 830. The shares will get listed on the bourses at 10 am on Tuesday

New Delhi: The shares of Life Insurance Corporation (LIC), India’s largest insurer, will get listed on Tuesday on the stock exchanges, the BSE and NSE.

In the pre-market trading, LIC shares are down 12.54 per cent at Rs 830. The shares will get listed on the bourses at 10 am on Tuesday.

After witnessing a good response from domestic investors in the initial share sale, the LIC IPO fetched Rs 20,557 crore to the government, as reported by the PTI.

The Centre had fixed the issue price of LIC shares at Rs 949 apiece for allotment to investors, while its policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively.

The LIC IPO closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.13 crore shares (3.5 per cent stake) in LIC via the IPO. The price band of the issue was Rs 902-949 apiece. However, shares were allocated to investors on May 12 at the upper end of the price band.

The IPO, largest to date in Indian market, closed with nearly 3 times subscription, primarily lapped up by retail and institutional buyers. However, participation from foreign investors remained muted.

Earlier, the share sale was planned to hit the markets in March. But the uncertainty in stock markets due to geo-political tensions pushed the issue to the current fiscal year.

So far, the amount mobilised from the Paytm IPO in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore, and Reliance Power (2008) at Rs 11,700 crore.