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LIC Gets Listed As Opening Bell Rings, Debut In Red Zone

Fifth largest in the world and an elite insurance behemoth of India, the Life Insurance Corporation or LIC after having a record-breaking IPO subscription last week has debuted on the Dalal Street in the red zone. The opening of LIC is very muted, all the parameters are currently neutral. The listing has taken place with a discount of 8.11 per cent at the price of ₹872 a share on the National Stock Exchange (NSE) as compared to the issue price of ₹949 per share. Last week the Government sold its 3.5 per cent stake in the Insurance giant at an upper price band and raised $2.7 Billion or ₹20,557 Cr. But unfortunately, LIC is facing a red debut due to the negative global market sentiments, as per the analysts.

Here Are Some Important Points Regarding LIC Debut On D-Street:

Here Are Some Important Points Regarding LIC Debut On D-Street:

  • Assessments of experts derived that the debut of the insurance giant was expected to be somewhat uninspiring. Thus, today it was confirmed as the LIC share opened at ₹872 over the issue price of ₹949.
  • LIC employees and investors got a discount of ₹45 per share, so they owned the LIC shares at a price of ₹904 apiece. On the other hand, the policyholders got a discount of ₹60 per share and purchased the LIC shares at a cost of ₹889 apiece.
  • As per the PTI reports, the Government has sold over 22.13 Cr shares with this offering.
  • IPO closed while getting subscribed almost 3 times, it was majorly subscribed by the retail and anchor investors. On the other hand, the participation of foreign investors was missing.
  • Aramco, a state-owned oil giant in Saudi Arabia, raised $25 billion in 2019 and after surpassing Alibaba’s record it is said to be the world’s biggest IPO. Thus, by many experts, the LIC IPO was also referred to as the ‘India’s Aramco Moment’.

Also read:

Check Raised FD Interest Rates of Axis Bank
  • A recent report from Ernst and Young suggests that the Indian IPO market in the first quarter is facing a slowdown this year.
  • LIC shares are listed on both the Bombay Stock Exchange (BSE) and ‘National Stock Exchange (NSE).

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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