While the allotment price was Rs 949, on the BSE, LIC launched at ₹ 867.20 per share, a discount of 8.62 per cent. Till the time of filing this report, LIC was trading at Rs 892.35 a share on the BSE.
New Delhi: India’s biggest-ever IPO, the government-owned Life Insurance Corporation, listed the shares on BSE and NSE at a discount of over eight percent on Tuesday.
While the allotment price was Rs 949, on the BSE, LIC launched at ₹ 867.20 per share, a discount of 8.62 per cent. Till the time of filing this report, LIC was trading at Rs 892.35 a share on the BSE.
News agency PTI said that Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), speaking at the LIC’s debut occasion at the BSE, said, “This is a momentous event. LIC IPO is in line with the Prime Minister’s vision. India is one of the most important emerging markets and it will be one of the fastest-growing economies in this decade.”
The blockbuster Rs 21,000 crore initial public offering (IPO) had witnessed a good response from the investors getting by subscribed 2.95 times after a marathon six-day subscription period from May 4-9.
According to reports, the shares, that were to be allocated for the qualified institutional buyers, was subscribed 2.83 times, while those of non-institutional investors was subscribed 2.91 times and that of retail individual investors (RIIs) was subscribed 1.99 times. Apart from these, the policyholders portion was subscribed 6.12 times while the employees segment was subscribed 4.40 times.
At a press conference earlier, Pandey had said, that even after a reduced size of Rs 21,000 crore, the IPO will be the biggest ever in the country. Earlier, the IPO of One97 Communications, the parent firm of Paytm, was the biggest in India which garnered Rs 18,300 crore last year.
