Life Insurance Corporation of India (LIC) shares made a lacklustre start on the stock exchanges, trading at a discount to the initial public offering price. The shares of the insurance behemoth began trading on the BSE and NSE at Rs 872 per share, down 8.11 percent from the IPO price of Rs 949 per share. The stocks fell despite the fact that the Sensex and Nifty were in the green. The Rs 21,000-crore public issuance by LIC is the largest Dalal Street has ever seen. Earlier this month, the issue had a robust response from all investor groups over a large six-day subscription window, rather than the regular three-day window.
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About LIC Market Capital:
Prior to the LIC shares being listed on the stock exchange, the stock was trading at a slight discount on the grey market. Analysts had varied feelings about the outcome. Retail investors, LIC staff, and LIC policyholders, on the other hand, received discounts. With this in mind, the break-even price for retail investors and LIC workers was Rs 904 per share, which was 5% lower than the issue price. Meanwhile, LIC policyholders were awarded a reduction of Rs 60 per share, resulting in a break-even price of Rs 889 per share.
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