LIC sees lacklustre debut, lists at over 8% discount
Mumbai, May 17
The country’s largest insurer LIC on Tuesday made a lacklustre debut on stock exchanges on Tuesday, listing at over 8% discount after a successful initial public offering (IPO) which fetched Rs 20,557 crore to the exchequer.
As against the issue price of Rs 949, shares of LIC listed at Rs 872, a discount of Rs 81.80 apiece, on the BSE. The stock listed at Rs 867.20, showing a discount of Rs 77 apiece, on the NSE.
The listing price was also below the price at which shares were allotted to LIC policyholders, employees and retail investors.
The scrip remained below the issue price throughout the trading hours and closed at Rs 873 on the NSE and Rs 875.45 on the BSE. In the intra-day trade, the shares had touched a low of Rs 860 apiece.
Over 4.87 crore shares changed hands on the NSE, while on the BSE it was over 27.52 lakh. With the listing, LIC got into the list of top-5 most-valued companies with market capitalisation of nearly Rs 5.54 lakh crore.
LIC shares listed at a discount even as the benchmark BSE Sensex opened in positive zone and closed with a gain of over 2% over previous close.
LIC had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which was oversubscribed nearly 3-times when it closed on May 9. The shares were lapped up mainly by retail and domestic investors, even as foreign investor demand was muted.
LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered. — PTI
Closes at Rs 873 on NSE
- As against the issue price of Rs 949, shares of LIC listed at Rs 872, a discount of Rs 81.80 apiece, on the BSE
- The listing price was also below the price at which shares were allotted to LIC policyholders, employees and retail investors
- The scrip remained below the issue price throughout the trading hours and closed at Rs 873 on the NSE and Rs 875.45 on the BSE
