LIC IPO makes stock market debut with 8 pc discount on share price | Check full details here

LIP IPO: The IPO opened for public subscription on May 4 and closed on May 9. During the IPO subscription period, LIC shares enjoyed a premium in the range of Rs 8 to Rs 12 per share in the grey market.

By Ashita Singh
Updated: Tue, 17 May 2022 10:49 AM IST
Minute Read
LIC IPO makes stock market debut with 8 pc discount on share price | Check full details here
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Mumbai | Jagran Business Desk: Life Insurance Corporation of India on Tuesday made its stock market debut. It made its debut at a discount of 8.11 per cent at Rs 872 per share on the NSE. On the BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share.

After its debut on the share market, DIPAM secretary Tuhin Kanta Pandey said, "This is a momentous event. LIC IPO is in line with the PM's vision. India is one of the most important emerging markets and it will be one of the fastest-growing economies in this decade". 

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.

The shares got listed on the BSE and NSE on Tuesday at a discount of Rs 81.80 and Rs 77 apiece, respectively, over its issue price of Rs 949 a share.

The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO. The price band of the issue was Rs 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 Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

The initial public offering of LIC has been subscribed 2.95 times. The IPO opened for public subscription on May 4 and closed on May 9. During the IPO subscription period, LIC shares enjoyed a premium in the range of Rs 8 to Rs 12 per share in the grey market.

LIC IPO: Share Price, listing date, and other details

LIC IPO price: Rs 949 per equity share
LIC IPO Issue size: Rs 21,000 crore
LIC IPO lot size: 1 lot = 15 LIC shares
LIC IPO application limit: 14 lot
LIC IPO investment limit: Minimum = Rs 14,235, Maximum Rs. Rs 1,99,290.
LIC IPO listing: May 17
LIC IPO allotment date: May 12

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