LIC IPO Listing happened On Both NSE & BSE. Life Insurance Corporation of India (LIC) shares debuted on the stock exchanges on a sour note on Tuesday, trading 8.62 percent lower than the issue price. On the BSE, the LIC scrip opened at Rs 867.20 per share, down 8.62 percent from the issue price of Rs 949. It opened 8.11 percent lower on the National Stock Exchange (NSE) at Rs 872.00 per share.
The Rs 21,000 crore blockbuster initial public offering (IPO) of LIC received a positive reaction from investors, with 2.95 times subscribed following a lengthy 6-day registration period from May 4-9. The shares allocated for qualified institutional buyers (QIBs) were subscribed to 2.83 times, while non-institutional investors subscribed 2.91 times and retail individual investors (RIIs) subscribed 1.99 times. Aside from that, the policyholders sector was subscribed to 6.12 times, and the employees segment was subscribed to 4.40 times.
As has been noticed, the majority of large IPOs have not provided high listing debut gains. Considering prior trends, LIC has remained on the same path, listing at a discount of more than 8% from 949 to 872 on its listing day at the NSE.
Issue Oversubscribed Before LIC IPO Listing
According to exchange data, the LIC IPO, India’s largest initial public offering, was subscribed to 2.95 times on Monday’s final day of bidding. Policyholders’ quota was booked 5.04 times, employee quota was booked 3.79 times, and retail investors bid 1.59 times. Similarly, the NIIs component was booked 1.24 times, and the QIBs portion, which had 67 percent bidding against its limit of shares, was not completely subscribed.
For allotment to investors, the issue price of LIC was fixed at Rs 949 per unit. After deducting the discount, all policyholders and retail investors received the shares for Rs 889 and Rs 904 per share, respectively. The government offered policyholders a discount of Rs 60 per share and retail investors and LIC employees a discount of Rs 45 per share.
On the BSE, LIC shares were listed at an 8.62 percent discount Rs. 867.20 to the issue price of 949. On the NSE market, the stock was listed at a discount of 8.11 percent at 872.
As of 17 May 2022 (12:32) LIC IPo Share Price is 887.95 On NSE with -6.53% downfall. The share is consolidating on that level from last one hour.
|IPO Opening Date||May 4, 2022|
|IPO Closing Date||May 9, 2022|
|Basis of Allotment||May 12, 2022|
|Initiation of Refunds||May 13, 2022|
|Credit of Shares to Demat||May 16, 2022|
|IPO Listing Date||May 17, 2022|
Through the IPO, the government sold approximately 22.13 crore shares, or a 3.5 percent interest in LIC, accounting for one-third of its initial aim. This was a decrease from the 5% previously discussed. The issue’s price range was Rs 902-949 per share. However, on May 12, investors received shares at the top of the price range.
Also Read: LIC IPO Complete Details
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