The shares of Life Insurance Corporation of India (LIC) made a tepid debut on Indian stock exchanges today. The Centre priced LIC's record-breaking initial public offering (IPO) last week at 949, the top of the indicated range. It has raised around 21,000 crore from selling a 3.5 per cent stake in the state-owned insurer.
May 17, 2022, 11:44 (IST)
"As observed, the majority of big IPOs have not given strong listing debut gains. Considering previous trends, LIC has continued to take the same path with a listing at a discount of over 8 per cent from 949 to 872 at NSE on its listing day. We believe that personal savings and awareness regarding insurance will increase, enabling the sector to outperform in the long run and this will indirectly benefit LIC as it is the market leader in this sector. We feel long-term investors should continue to hold the scrip while short-term investors can wait to enter at a lower price," said Mohit Nigam, Head-PMS, Hem Securities.
May 17, 2022, 11:41 (IST)
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on LIC's market debut:
"This is a momentous event. The 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 LIC Act was amended for the listing of IPO. Given the unprecedented size of the IPO, special measures have been taken. Special drives were carried out to spread awareness among the policyholders. People enthusiastically participated and 73 lakh applications were received, making it possibly the largest in the world ever, while 50 lakh demat accounts have been opened since then."
May 17, 2022, 11:07 (IST)
As of 11:06 am, LIC shares were down 6.56 per cent at 886.75, over the issue price on the BSE index. On the NSE, the stock was down 6.79 per cent at 884.60.
May 17, 2022, 10:36 (IST)
LIC policyholders and retail investors got the shares at a price of 889 and 904 apiece, respectively, after taking into account the discount offered.
May 17, 2022, 10:03 (IST)
As of 10:01 am, LIC shares were trading 4.85 per cent lower at 902.95 on the BSE. On the NSE, the stock was down 3.61 per cent, at 914.75.
May 17, 2022, 09:51 (IST)
On the BSE, shares of LIC were listed at a discount of 8.62 per cent--at 867.20--over the issue price of 949. The stock was listed at a discount of 8.11 per cent at 872 on the NSE platform.
May 17, 2022, 09:44 (IST)
As of 9:43 am, LIC shares were seen trading at a discount of 12.64 percent—at 829—ahead of listing, BSE data showed.
May 17, 2022 09:28 (IST)
Indian equity benchmarks on Tuesday traded higher in opening deals as investors awaited Life Insurance Corporation of India's (LIC's) market debut.
May 17, 2022 08:51 (IST)
The proceeds from the LIC issue make up for about a third of the ₹ 65,000 crore disinvestment target set for the current fiscal.
May 17, 2022 08:28 (IST)
LIC is likely to see a lacklustre debut when it lists on Indian stock exchanges on Tuesday despite the $2.7 billion initial public offering being oversubscribed, analysts said.
May 17, 2022 08:17 (IST)
The IPO closed with nearly 3 times subscription. LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions.
May 17, 2022 08:16 (IST)
LIC recieved a good response from domestic investors in the initial share sale. The IPO closed on May 9 and shares were allocated to bidders on May 12. The shares will list on the BSE and NSE.