The country’s largest insurer Life Insurance Corporation (LIC) on Tuesday listed its shares at a discount of 8.11% at ₹872 per share on the National Stock Exchange (NSE).
On the Bombay Stock Exchange (BSE), the shares got listed at ₹867.20 apiece, down 8.62% over the issue price of ₹949 a share.
LIC had fixed the issue price of its shares at ₹949 apiece after a successful initial public offering, which fetched ₹20,557 crore to the government.
LIC policyholders and retail investors have got the shares at a price of ₹889 and ₹904 apiece, respectively, after taking into account the discount offered. The shares got listed on the BSE and NSE on Tuesday at a discount of ₹81.80 and ₹77 apiece, respectively, over its issue price of ₹949 a share.
The government sold over 22.13 crore shares or a 3.5% stake in LIC through the IPO. The price band of the issue was ₹902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.
The LIC IPO — India’s largest to date — closed with nearly 3 times subscription, predominantly lapped up by retail and institutional buyers, but foreign investor participation remained muted.
So far, the amount mobilised from the Paytm IPO in 2021 was the largest ever at ₹18,300 crore, followed by Coal India (2010) at nearly ₹15,500 crore and Reliance Power (2008) at ₹11,700 crore.
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