LIC IPO Listing Today Live News Updates: The shares of insurance sector giant Life Insurance Corporation of India (LIC) debuted the stock exchanges on a weak note on Tuesday listing at a discount of over 8 per cent from their issue price. The LIC scrip opened at Rs 867.20 apiece on the BSE, down 8.62 per cent from the issue price of Rs 949. On the National Stock Exchange (NSE), it opened 8.11 per cent lower at Rs 872.00 per share.
Throughout its first session, the LIC stock traded lower from the issue price, hitting a high of Rs 920.00 on BSE and Rs 918.95 on NSE. On the lower side the stock touched Rs 860.10 on BSE and Rs 860.00 on NSE. Eventually it settled at Rs 875.45 on the BSE, down Rs 73.55 (7.75 per cent) from the issue price and at Rs 873.00, down Rs 76 (8.01 per cent) on the NSE. The market capitalisation of the company stood at Rs 5,53,721.92 crore, according to the BSE data.
The Rs 21,000 crore blockbuster initial public offering (IPO) of LIC had witnessed a good response from the investors getting subscribed 2.95 times after a marathon 6-day subscription period from May 4-9. The issue price of LIC was fixed at Rs 949 apiece for allotment to investors. All policyholders and retail investors got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered. The government had offered a discount of Rs 60 per share for the policyholders and Rs 45 apiece for retail investors and LIC employees.